Tesla just lowered the prices on its most affordable models. The American electric car company owned by Elon Musk is starting to face more competition in the electric vehicle market. Here are the car models Tesla recently made even more affordable.
Model Y Standard Range Vehicles
One of Tesla’s price cuts was for its base level Model Y, likely because the company discontinued its standard range, RWD version of the model. Instead customers will now find that the prices on the long range and performance models have been lowered to meet in the middle—if you were previously looking at the RWD model, the price would now be higher. This has led to some conflicts in reporting, but overall customers will get more for less. The original price on the AWD version was around $50,000, but Tesla reduced the cost to $48,990. Adding in extras like the highly sought after white seats or full self driving capability will run the price up, but the base model will get you AWD and some Tesla basics like Autopilot.
The Model Y series had been available to order on the Tesla website since January of 2020. However, after Tesla reduced the Model Y price around February 18th, the Model Y standard range was removed altogether from the Tesla website, leaving consumers wondering what caused the change.
Elon Musk responded to someone inquiring about the Model Y mystery on Twitter. His response likely refers to the fact that the standard range offered only rear-wheel drive.
The Tesla website currently does have two Model Y Teslas for sale: The Long Range model for $48,990 and the Performance model for $60,990.
The Model 3 Standard Range Plus
Tesla slashed the price of their Model 3 Standard Range Plus model from $37,990 to $36,990 and the company still offers the standard range, rear wheel drive model. The Model 3 is definitely more affordable than the two Model Y Teslas still on sale, but what sets the two models apart? To start, the Model Y is more of a crossover SUV while the Model 3 is a traditional sedan.
The Long Range Model Y Tesla has a range of 326 miles before it has to be recharged. This model can reach a maximum speed of 135 mph and has the capability to accelerate from 0 to 60 mph in 4.8 seconds
The Performance Model Y Tesla has a range of 303 miles before it has to be recharged. This model can reach a maximum speed of 155 mph and has the capability to accelerate from 0 to 60 mph in 3.5 seconds
The Model 3 Standard Range Plus Model has a range of 263 miles before it has to be recharged. This model can reach a maximum speed of 140 mph and can go from 0 to 60 mph in 5.3 seconds.
All Tesla models mentioned include an autopilot function, easy charging, over-the-air updates, and Sentry Mode. Sentry Mode is like a home security system, where the Tesla monitors activity around the car when it isn’t being driven or is left unattended.
The Model Y vehicles have 68 ft3 of of cargo space while the Model 3 has 15ft
A Response to Rising Competition?
As Investopedia noted in their Tesla report, Tesla’s decision to reduce prices on select models could be as a result of the rise of potential competitors in the electric car market. One example of a competitor is Ford’s 2021 Mustang Mach-E Suv, which is currently being sold for a starting price of $42, 895, and boasts a range of 300 miles and goes from 0 to 60 mph in 3.5 seconds.
Nissan and General Motors also sell electric car models. For example, the 2021 Nissan LEAF EV is priced at $31,670, and has a range of 226 miles. General Motors also sells the GMC Hummer EV, which the official General Motors website says is the world’s first all-electric super truck. GM estimates that the Hummer model has a 350 mile range, and can charge up to 100 miles in ten minutes. They have several models of the Hummer EV coming out over the next few years, but the model coming out this fall, the Hummer EV Edition 1, with a starting price of $112, 595 has already been fully booked reservation wise.
Tesla remains a top competitor in the electric car market, but it will be interesting to see how Musk and the company continues to improve Tesla models in response to the competition. Stay tuned for updates.