Tesla has recently lowered the price on cheaper models like the Model 3 and the Model Y but they have increased the price of performance variants.

Comparing the standard and performance range of the Model Y, the price of the standard range is $39,990 while the performance variant is $60,990. The original price of the standard variant, according to Reuters, was $41,990. The price of a Model 3 standard range plus is $36,990 while the performance variant is sitting at $55,990. The price used to be $37,990.

Now, what is the reason for these cuts? Tesla just missed their goal of delivering 500,000 vehicles last year. So they are probably trying to pump out more vehicles. But it might also be due to the recent growth of competitors.

Chevrolet, Volkswagen, and Ford have recently come out with electric vehicles. But how do they compare to the Model 3 and the Model Y?

Fox News reports that the 2022 Chevy Bolt EV, which was unveiled on Sunday, has the starting price of $31,995. It’s 65 kilowatt-hour battery pack gives the car a range of 250 miles. Charging for 95 miles can take 30 minutes. Chevy also has the Bolt EUV which is $33,995. Both include a, “free installation of a 240-volt home charging system.”

Now onto Volkswagen. The Verge reports that Volkswagen has an upcoming electric vehicle, the ID 5, which will start production later in 2021 in Germany. This car will be a coupe version of the ID 4. But it probably won’t be sold in the US. A spokesperson for the company said “there are no plans to bring the car to the US at the moment.“

Ford, according to Green Car Reports, has been pushing for all of their vehicles to be electric by 2030. So far, they have made a $1 billion investment in Europe. The money will be put towards renovating Ford’s factory in Cologne, Germany. European buyers will be able to purchase electric cars made at the Cologne factory in 2023. They also came out with the 2021 Ford Mustang Mach-E. The Car Connection writes that the price for the 2021 Ford Mustang Mach-E Premium AWD in red with destination is $56,200. It has a 68 kilowatt-hour battery that allows 211 miles and a 0-60mph time of 5.2 seconds.

The increase of electric vehicles is a good thing. The more options there are, the more people will get warm to the idea of owning an electric car. The more diverse the market the more the market will grow.