Tesla pulls a U-turn on dealer closures but raises prices

Tesla pulls a U-turn on dealer closures but raises prices

Tesla pulls a U-turn on dealer closures but raises prices

Tesla will raise the price of all its cars, with the exception of the new entry-level Model 3 Standard, by "an average" of 3% worldwide. There will be no price increase to the $35,000 Model 3.

Tesla announced that it has already closed the lowest-performing 10 percent of its stores. "In other words, we will only close about half as many stores, but the cost savings are therefore only about half". Tesla clearly is in need of a stronger middle management layer critical in running a $US50 billion auto company. Ramsey asked. "It's nearly as if the decision was announced and made without any analysis of what the outcome would be".

"Potential Tesla owners coming in to stores will simply be shown how to order a Tesla on their phone in a few minutes", the company said. Physical stores will have a small selection for customers who want to test drive a vehicle or drive one off the lot immediately. It called for Tesla's general counsel and a newly designated in-house securities law attorney to pre-approve any written statements about Tesla that could be material. The plan is a partial reversal of the announcement that surprised investors and company fans alike. Attorney Andrew Meissner said in a statement that Sean Gouthro provided information about Musk's August 7 tweet that he had the financing to take the company private at $420 per share. The SEC asked a federal court in Manhattan to hold Musk in contempt shortly after. He was also required to step down as chairman of the company's board and pay a $20 million fine.

The carmaker is continuing with its plan to expand its online sales.

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The company said late Sunday that it would now be closing only about half as many stores than initially planned in a widely criticized move earlier this month to cut overhead and shift its whole distribution network online. Tesla paid for the purchase with about 50,000 previously authorized shares. Tesla wants to increase its vehicle transportation capacity and cut delivery times.

Tesla conceded last month that Musk's tweet was not pre-approved.

Tesla Inc (TSLA.O) Chief Executive Elon Musk shot back against USA securities regulators on Monday, arguing in a filing that his recent tweet about the electric vehicle maker's production volume did not violate his fraud settlement and he can not be held in contempt. Buyers coming into stores will be able to do a test drive, and if they choose to buy a vehicle, they'll be shown how to do that on their phones.

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