Tesla Inc TSLA has slashed the prices of the base models of its Model 3 and Model Y vehicles.
What Happened: Previously, the Standard Range Plus Model 3 sold for $37,990 and is now priced $1,000 cheaper at $36,990.
The Model 3 Performance (AWD) will now sell for $55,990 and was previously priced at $54,990.
There is no change to the price of the Model 3 Long Range (AWD), which continues to be sold for $46,990.
As for the Model Y trims — the Model Y Standard Range sees its price drop by $2,000 to $39,990. There is no change in the price of the Model Y Long Range (AWD).
The Model Y Performance (AWD) will now cost $60,990 and was previously priced at $59,990, which is a price hike of $1,000.
Why it Matters: In January, Tesla cut prices of its European Model 3. In Germany, the Model 3 became cheaper up to EUR 4,000, and in France by as much as EUR 6,000.
At the end of last year, it was reported that the Elon Musk-led company is unlikely to cut Model 3 prices in China.
In China, Tesla made five price cuts between October 2019 and October 2020.
Price Action: Tesla shares closed nearly 0.2% higher at $798.15 on Wednesday and fell about 0.6% in the after-hours session.
Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.