Tesla Inc (NASDAQ: 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. Related Link: Tesla Denies Development Of ,000 Model 2 Vehicle In China: cnEVpost Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. See more from BenzingaClick here for options trades from BenzingaTesla .5B Bitcoin Purchase Was Facilitated By Soon-To-Go-Public Coinbase: ReportBill Gates Says ‘Underestimating’ Elon Musk ‘Not A Good Idea’© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.