Tesla to raise vehicle prices, keep more stores open

Tesla will raise prices and backtrack on closing most of its stores

Tesla will raise prices and backtrack on closing most of its stores

Tesla has stated that only the most expensive variants of the Model 3, S and X will be impacted.

But Tesla says it has been evaluating that decision over the last two weeks and has decided it would be beneficial to keep some physical stores open.

Musk, 47, described the store wind-down announced on February 28 as a cost-cutting move that enabled Tesla to offer a long-promised US$35,000 version of the Model 3 sedan, the automaker's first mass-market vehicle.

Tesla said that sales would still be conducted online with potential buyers "coming in to stores will". Tesla will offer vehicles for test drives at its stores at the buyer's request, and there will be a small number of cars in inventory for those who want to drive off in their new auto the same day.

One relief for drivers is that Tesla will not increase the prices of the $35,000 Model 3. Ramsey asked. "It's nearly as if the decision was announced and made without any analysis of what the outcome would be".

Remaining stores could have fewer workers but will have vehicles available for test drives and a small inventory in case people want to buy immediately, the statement said. Instead, the company said in a statement, many of its best performing locations will stick around. He was also required to step down as chairman of the company's board and pay a $20 million fine.

After Musk infamously (and falsely) tweeted that he had the necessary funding to take Tesla private in August previous year, the executive reached a settlement with the Securities and Exchange Commission. Musk did not specify how many stores would close, or how many jobs would be lost as a result.

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Shares of Tesla Inc. edged up less than 1 percent in Monday trading.

Overall, it will only be shuttering half as many stores as it was going to.

The silver lining: This will happen for all vehicles except the $35,000 Model 3. The company hasn't yet clarified why it partly reversed its initial decision, but Engadget has reached out for more information.

Before the announcement, the cheapest Model 3 started at $42,900.

"Shifting all sales online, combined with other ongoing cost efficiencies, will enable us to lower all vehicle prices by about 6% on average, allowing us to achieve the $35,000 Model 3 price point earlier than we expected", the company said.

A former Tesla Inc. security manager told USA securities regulators that many employees knew of and doubted efforts to take the company private before Elon Musk tweeted about previous year.

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