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Tesla to raise vehicle prices, keep more stores open

13 March, 2019, 15:43 | Author: Lawrence Cooper
  • Tesla Changes Its Mind Over Store Closures, Raises Prices By 3%

In a February 28 blog post on the Tesla website, it was stated that the electric-automaker would close most of its 378 stores worldwide.

The abrupt move earlier this month by CEO Elon Musk, contrasting with an expanding network of retail spaces, sparked concern about Tesla's finances.

The renewed public battle between Tesla's chief executive and the top US securities regulator adds pressure on Musk, the public face of Tesla, who is struggling to make the company profitable after cutting the price of its Model 3 sedan to $35,000.

The SEC submission says the go-private plan was discussed internally at Tesla many days before Musk's tweet "and that many were suspect of the purported deal's legitimacy", Meissner's statement said.

Musk has promised a $35,000 price tag for the Model 3 since the vehicle was first unveiled in 2016.

One of the more interesting and admirable things about Tesla over the years has been the company's clear vision and unwavering adherence to a coherent product strategy. And whether those numbers are directly involved or not, the company changed course, announcing late Sunday that it's not happening in such a sudden and comprehensive way. The $35,000 base Model 3 will still be available, but the company is raising prices by 3 percent on all other models.

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In its blog post announcing the change, Tesla said that, "we have chose to keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months".

DON'T MISS: Tesla Model 3 Standard Range arrives soon at $35,000 and 220 miles. According to CNBC, which received a copy of the email, Musk wrote that the company would now be keeping many of its unclosed stores open, and would even reopen some of the now-shuttered locations.

While the auto price increase certainly isn't something potential buyers will be happy about, Tesla says they'll have a week to place their order before prices rise.

Less than two weeks ago it cut up to $85,000 from the driveaway pricing of its most expensive models (with commensurate cuts of cheaper versions). The company will continue to offer the vehicle at that price point and will increase the cost of other variants of the sedan.

Still, Tesla shares were largely unaffected, with the stock gaining 3 per cent on Monday to $US290 a share, maintaining its market value at more than $US50 billion, much to the chagrin of the army of "short-sellers" who are betting on the company failing. Tesla wants to increase its vehicle transportation capacity and cut delivery times.

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