Tesla backtracks on recently-announced plan to close its stores

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

Tesla to Raise Prices, Backtracks on Closing Most Stores

While this is normal in the auto industry, a close comparison of Tesla's 2019 sales figures shows steeper declines for the company compared to other vendors.

The company said that keeping more stores open will cause it to raise the price of its cars.

The latest announcement reverses those price cuts and most of the store closings.

In a post on the company's website, the automaker stated it has now "decided to keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months".

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Those who have been waiting for the long-promised $35,000 Model 3 will be glad to hear that the entry-level model will not see a price increase.

"The price increases will only apply to the more expensive variants of Model 3, as well as Model S and Model X", it confirmed.

The carmaker has confirmed that the price rises will become effective from March 18th.

The company gave no numbers, but said it would close only about half the stores that it had meant to.

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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.

Despite this possible reprieve for the thousands of retail workers at Tesla, Musk's email and the blog post state that sales will remain online only, and that the stores will exist just to show people how to order a vehicle "on their phone in a few minutes".

Tesla will increase the cost of its vehicles by an average of about 3 per cent after rethinking a plan announced just 10 days earlier to wind down all but a small number of its stores. Another 20 percent of stores are still under review and may close over the coming months, depending on their effectiveness. Physical stores will have a small selection for customers who want to test drive a auto or drive one off the lot immediately.

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.

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The company has been pushed to cut costs in recent weeks having suffered its "most challenging" year in its history. The policy allows new buyers to drive the auto for 1000 miles or seven days. He said the sooner-than-expected arrival of a US$35,000 Model 3 likely reflected the need to replenish cash after paying off a US$920 million convertible bond and added that weak USA sales early this year also probably hasn't helped.

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