Tesla Adjusts Prices with Cuts and Climbs

Tesla Adjusts Prices with Cuts and Climbs

by Gill D on February 25, 2021

Tesla has gone ahead and slashed some dollars off its prices for two of the Standard Range versions of Model 3 and Model Y. According to the updated prices on Tesla’s website, the Model 3’s price changed from $39,190 to $38,190, which is a reduction of $1000. The Model Y got a bigger cut of $2000 and is now $41,190 instead of $43,190.

While it may be Tesla is acting in response to Chevy's newest electric vehicles – the 2022 Bolt and Bolt EUV that were launched on Valentine’s Day. However, the Bolt series price range is between $31,995 and $33,995, so even though there’s still a large price comparison between the two manufacturers, Tesla vehicles offer far more in quality. If it’s not a competition move, then perhaps Tesla is just wanting to stimulate sales volumes.

Tesla tops interior and trim levels, but surprisingly the Standard Range Model 3 and Y have similar ranges. Chevy’s Bolt EV has 259 miles and the Bolt EUV has 250 miles while the Model 3 has 263 miles and Model Y 244 miles. Because neither of these models qualify for any green energy incentives, the price you see, is the price you pay.

While these two new all-electric hatchback models are General Motors’ latest move in its plan to transition from selling internal-combustion vehicles to EVs, the Bolt range is not built the Ultium electric vehicle architecture or the batteries that the automaker unveiled at the GM EV Day last year. General Motors said that its Ultium-branded low-cobalt batteries would be produced with its partner, LG Chem, and would range in size from 50 kWh to 200 kWh. The Ultium batteries were expected to be used for the series of electric vehicles that GM would release over the next few years.

The Bolt EV is a refreshed model from the 2017 version. It has a new 10.2-inch touchscreen in the center and supports Apple CarPlay and Android Auto. It features a 4G LTE wi-fi hotspot and wireless charging for smartphones (it’s an optional extra on the EV but standard on the EUV)

The seats have an improved design along with some other tweaks to the interior but mechanically, the car hasn’t evolved too much. It has an adequate 200 horsepower (150 kilowatts), and 266 pound-feet of torque, and accelerates from 0 to 60 miles per hour under seven seconds.

Normally, car manufacturers increase their prices with newly launched vehicles, especially when it is a later model. However, GM hasn’t taken this approach with the Bolt EV and kept the price in line with its predecessor, which will probably make Chevy fans more than happy.

Tesla CEO, Elon Musk has often said that he thinks Tesla’s cars are too expensive. At the company’s Battery Day last year, Musk said he wants to bring a $25,000 EV to the market but this is something we will have to wait for. Electric vehicles are still a lot more expensive than traditional gasoline cars but as the technology advances, and EVs can be produced more economically, prices will eventually become more inexpensive. But until then, it is expected the EV manufacturers will be vying to offer competitive prices to attract more customers.

So, while Tesla was dropping the price on the Standard Range, it increased the price on the Model 3 and Y Performance versions with each getting a $1000 price increase. The Performance Model 3 is $57,190 and the Model Y comes in at $62,190. Those with a need for speed will need to dig a little deeper in their pockets.

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