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Tesla Shakes up Pricing for the Tesla Model 3, Model Y

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【Summary】While pricing for the Standard Range trims has gone down, the Performance versions of both have seen their prices increase.

Original Vineeth Joel Patel    Feb 20, 2021 7:20 AM PT
Tesla Shakes up Pricing for the Tesla Model 3, Model Y

Tesla, unlike nearly every other automaker, changes the prices of its vehicles on a whim. Whether it's because of new competition or a change in technology, Tesla alters the prices of its vehicles whenever it deems necessary. While it's tough to say why Tesla does anything these days, the latest price drops are probably because of the new 2022 Chevrolet Bolt EV and 2022 Bolt EUV. While we'll probably never know the truth, Tesla has reduced the prices of its two most affordable vehicles.

Pricing Goes Down By At Least $1,000

Pricing for the entry-level Model 3 sedan and Model Y SUV has gone down. For the Model 3 Standard Range Plus, pricing now starts at $38,190. That's a price cut of $1,000. The Model Y Standard Range carries a starting price tag of $41,190, which is $2,000 less than before. That's a generous price cut.

While prices for the entry-level models have gone down, things have gone up for the range-topping trims. Both the Model 3 Performance and Model Y Performance go up by $1,000. That means the Model 3 Performance starts at $57,190 with the Model Y Performance carries a starting price tag of $62,190. All prices include a $1,200 destination fee.

As far as Tesla's previous price changes go, these aren't too severe. The last time we saw pricing for the Model Y change was last July, when Tesla dropped pricing for the electric crossover by $3,000. While the most recent price cut isn't as substantial, it's still good news for consumers.

Chevy's Brought Serious Competition

Usually, there's very little rhyme or reason as to why Tesla's changing the pricing of its vehicles. This time around, the price decrease comes awfully close to Chevrolet's introduction of the 2022 Bolt EV and 2022 Bolt EUV. Pricing for the electric hatchback starts at $33,995, while the electric SUV costs $31,995.

Tesla may be the king of range, but the Standard Range versions of the Model Y and Model 3 stack up pretty evenly compared to the new 2022 Bolt models. The 2022 Bolt continues to have a range of 259 miles, while the Bolt EUV can travel up to 250 miles on a single charge. The Model 3 Standard Range Plus has a range of 263 miles with the Model Y Standard Range having a range of 244 miles.

Not only do Chevrolet's new EVs stack up well in terms of range, but they're far more affordable, too. In our eyes, it doesn't look like a coincidence that Tesla would slash its prices shortly after the arrival of the new Bolts. While the new 2022 Bolt EV and Bolt EUV bring a lot to the table, we're not sure they have what it takes to draw consumers away from Tesla, which has dominated the EV segment.

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