(CU)_American electric carmaker Tesla, Inc. slashed prices of its cheapest versions, Model 3 and Model Y, while raising prices for their performance versions, the firm announced on its website. Accordingly, the Model Y Standard Range is now 4.8 per cent cheaper at $36,990, while the price of Model 3 Standard Range Plus was cut by 2.6 per cent to $36,990, in the US.
Following the news, Tesla shares fell 1.35 per cent to 787.38 on the stock market on Thursday (Feb 18), pulling back from its 21-day exponential moving average.
As legacy automakers like Volkswagen, General Motors and Ford are making a big push into the EV market, Tesla has also been making several models in its line-up more affordable. The firm’s Chief Executive Officer Elon Musk has regularly lamented that Tesla’s cars are too expensive, and at the “Battery Day” event last fall, the billionaire said the company was working on a $25,000 car.
It is noteworthy that these prices are before any state incentives or gas savings, as the American carmaker, at times, advertises lower prices for its cars by taking into account what it sees as “potential savings” of EV ownership. These savings include state and federal incentives or tax savings, as well as potential savings of an electric vehicle in comparison to a combustion engine car.
Meanwhile, the company website shows that the prices of the performance variants of the same models, however, increased on the other hand, with the price of Model 3 performance variant rising 1.8 per cent to $55,990, and the price of Model Y performance variant increasing 1.7 per cent to $60,990.
