General Motors won’t be following Tesla and Ford in lowering the prices of its electric vehicles. The Detroit-based automaker doesn’t feel the need to. Company CEO Mary Barra said during the automaker’s earnings call this week that the company was confident in its prices. With more automakers launching new electric vehicles, competition is heating up as companies fight for customers in the small yet growing battery-electric-vehicle segment.
In mid-January, Tesla slashed prices for every model in its lineup, and the automaker didn’t just shave off a few pennies. The Model Y Long Range had a 20 percent cut from its price tag, dropping from $65,990 to $52,990. The Model 3 had up to 14 percent cut from its price, while the Model S and Model X also saw their prices fall by up to $10,000 and $21,000 depending on the trim. Tesla cut prices to induce demand, and it seems to have worked.
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