Leading electric vehicle maker Tesla slashed the price of its best-selling sedan Model 3 and its sibling, the Model Y.The price of both Tesla Model 3 and Model Y has been reduced by $1000. Hence, the base variant of the Tesla Model 3 will cost you $36,990, down from $37,990. Similarly, the crossover SUV Tesla Model Y price now starts at $48,990 (earlier $49,990). Image: TeslaThe news surfaced on the internet after Chevrolet announced the new Bolt EV and Bolt EUV at affordable prices. It’s quite clear Tesla decided to revise the pricing after hearing the news of new rivals in the market.Tesla To Get Tougher Competition In The U.SBefore the launch of the Tesla Model 3 in the U.S. in 2017, the market was good for electric cars like Chevy Bolt, Nissan Leaf, and others.However, since the arrival of the Model 3, Tesla has single-handedly dominated the EV segment in the U.S.Model 3 offers a good mix of price and performance that has attracted the hearts of many electric car fans in various markets.In the last couple of years, many automakers have introduced some good EVs that can really challenge Tesla.One of them is the Lucid Air, which is a direct rival of the Tesla Model S. It’s higher priced dream edition is meant to compete with the likes of the Model S Plaid.Also Read:Apart from this, there are many upcoming electric cars like VW ID.4, Ford Mustang Mach-E, Rivian R1T AND R1S, etc. that are coming in the future and will affect the market share of Tesla.Speaking of the upcoming electric cars, 2022 Chevy Bolt EV and Bolt EUV are the most recent ones to join the list.Let’s give you a quick overview of these upcoming EVs.Chevy Bolt EV And Bolt EUV Image: ChevroletThe 2022 Chevy Bolt EV will be an updated version of the current one; however, Bolt EUV will be a completely new electric car.Chevy Bolt EV will launch with design improvements and feature updates. However, the battery and electric range is going to remain the same. The 2022 Bolt EV will be equipped with a 65 kWh battery and offer a range of 259 miles.Similarly, Bolt EUV will also be equipped with a 65 kWh battery pack and offer a range of up to 250 miles.Though the electric range remains the same, Chevrolet has made the upcoming Bolt EV significantly affordable.The price of the 2022 Bolt EV will start at $31,995, which is around $4000 cheaper than the current one.While the price of Bolt EUV will start at $33,995, all these prices are before incentives. After the federal tax incentive and other state incentives, this price will further go down under the $30,000.Although Chevy Bolt EV is not a direct rival of Tesla Model 3, the affordability card that GM played has surely affected Tesla.Anyway, what do you guys think? Share your views in the comments section below.