Tesla reduces base variant prices of Model 3 and Model Y

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The website of Tesla Inc. shows that it has lowered the price of Model 3 sedan and Model Y sports utility vehicle’s (SUV) cheaper variants. However the electric car manufacturer has raised the prices of their top variants.

The price of Model 3 Standard Range Plus has been declined from $37,990 to $36,990 while Model Y Standard Range’s price has been lowered to $39,990 from $41,990.

Tesla Model Y

Tesla has been making various models in its line-up while many other car manufacturers are trying to make inroads in the electric vehicle market segment.

The company launched standard range of its SUV Model Y in January bringing its price closer to Model 3 sedan which is company’s east expensive car according to Reuters.

The prices for the Performance variant of the Model 3 rose to $55,990 from $54,990 and Model Y to $60,990 from $59,990, the website showed.

The price cuts may ramp up the car deliveries of Tesla as it delivered an overall of 4,99,550 vehicles in year 2020 which is above Wall Street estimates of 4,81,261 vehicles.