Tesla reduces prices of Model 3, Model Y base variants

Tesla Inc has revamped its prices for its Model 3 and Model Y variants. Its official website reflected an increase in the prices of carmaker’s Performance variants and a reduction in the cost of cheaper variants.

Tesla’s Model 3 Standard Range Plus was trimmed to $36,990 from $37,990. The Model Y Standard Range’s cost was brought down to $39,990 from $41,990. Meanwhile, the Performance variant of the Model 3 increased to $55,990 from $54,990 while the Model Y hiked to $60,990 from $59,990.

Tesla has been reducing the prices in some of its models as legacy carmakers are trying to make inroads in the electric vehicle market. Model Y’s standard range was unleashed in January, with its sports utility vehicle’s price now near the Model 3 sedan’s price range.

Tesla’s price reduction in some base variants is part of its effort to bolster demand. In 2020, the leading automaker delivered 499,550 units, beating the 481, 261 units estimated by Wall Street.