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Tesla price cut makes Model 3 and Model Y cheaper – with a catch

Tesla has changed the prices of its EVs more affordable, slightly reducing how much the basic Model 3 and Model Y will cost, although it has increased the sticker on the Performance versions. The changes occur less than a month after Tesla updated its Model S and Model X, with new exterior and interior design, plus powerful new Plaid performance variants.

For Model 3, the entry-level Standard Range Plus now costs $ 36,990 before incentives and any other eligible credits. This is a $ 1,000 reduction from the previous price. The car has an estimated EPA rating of 263 driving miles and can do 0-60 mph in 5.3 seconds.

However, the Performance of Model 3 is now $ 55,990, an increase of $ 1k compared to before. This is the fastest version of the car, capable of doing 0-60 mph in 3.1 seconds. It is rated for 315 miles from the EPA’s estimated range, and also increases the EV’s top speed to 162 mph.

As for the Model Y, the entry-level standard rear-wheel drive now costs $ 39,990, compared to the old price of $ 41,990. It is rated for 244 miles of range and does 0-60 mph in 5.3 seconds.

Model Y’s performance is now $ 60,990, however, an increase of $ 1k, Reuters noted. It has a range of 303 miles and a time of 0-60 mph of 3.5 seconds, in addition to a top speed of 155 mph.

Price adjustments are not uncommon for Tesla, which tends to adjust its numbers much more often than other automakers. It is often in response to factors such as rapidly approaching quarterly milestones, where the company expects to increase deliveries to have a better view in financial reporting. However, Tesla previously cut its prices when its U.S. federal tax incentive for EVs expired, to help ease the scam for potential homeowners.

Still, even without the federal incentive, state, local and even utility incentives are still available for new EV buyers, if they know how to look for them. In California, for example, battery-powered electric vehicles qualify for a discount of $ 2,000 – or more than double for those with low to moderate household income – although rates vary in other states. Many electricity companies offer subsidized EV chargers or discounts to help cover the installation of a charger, in addition to their specific EV tariff plans.

Tesla’s adjustments come as Chevrolet lowers the price of its basic electric option. The 2022 Bolt EV is priced at $ 31,995 plus destination, a $ 5k cut from the previous year’s model, and will still offer 259 miles of range, the automaker says. Like Tesla, Chevy is no longer eligible for the US federal tax incentive for EVs, although those who buy or rent a new Bolt EV will receive a free Level 2 pre-wiring facility, according to the company, in order to prepare their garage for a more powerful charger.

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