Tesla lowers Model 3 and Y prices amid growing competition

More competitive prices as Chevy, VW and Ford enter the segment

Tesla has lowered the price of the entry-level versions of its Model 3 and Model Y vehicles as new all-electric competitors from Chevrolet, Volkswagen and Ford go on sale.

(Tesla)

The Model 3 Standard Range Plus is now $1,000 cheaper at $36,990, while the price of the Model Y Standard Range has been reduced to $39,990, which is $2,000 less than when it was originally introduced in January

However, the price of the Performance versions of both models has been raised by $1,000 to $55,990 for the Model 3 and $59,990 for the Model Y.

The Model 3 Standard Range Plus is rated at 263 miles per charge and the Model Y Standard Range at 244 miles.

The move follows Sunday's debut of the Chevrolet Bolt EUV, which is smaller than the Tesla Model Y, but starts at $33,995.

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The VW ID.4 and Mustang Mach-E, which are closer in size to the Model Y, are also now available for as little as $32,495 and $35,395, respectively.

Tesla had previously offered a Model 3 Standard Range with 220 miles of range for $35,000, but discontinued it last November.