Tesla Raises Car Prices By 3% To Keep Stores Open

Tesla Raises Car Prices By 3% To Keep Stores Open

"As a result of keeping significantly more stores open, Tesla will need to raise vehicle prices by about 3% on average worldwide", the company said.

The price hikes will go into effect from March 18, except for the base version of the Model 3 compact sedan which costs $35,000. In a blog post, the company said about half the locations it was planning to close will stay open.

In the first weekend of March, Tesla owners staged protests outside Tesla stores and Superchargers in some parts of Asia after the company had announced the massive price cuts, meaning that existing customers for some models in some counties have paid by up to 40 percent more for their Teslas before the price reduction.

Earlier this month Tesla announced that it would be closing the majority of its brick and mortar stores worldwide in order to afford the $US35,000 price tag on the new Model 3, as well as keep the company "financially sustainable".

The company said that keeping more stores open will cause it to raise the price of its cars. Physical stores will have a small selection for customers who want to test drive a vehicle or drive one off the lot immediately. Note, there will be no price increase to 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".

The internal e-mail Musk sent on Sunday may help calm those who remained at Tesla after lay-offs in January, and ongoing job cuts after that.

Musk, 47, tweeted on August 7 that he had secured funding to take Tesla private at $420 a share, and that he had confirmed investor support for the transaction.

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After Musk infamously (and falsely) tweeted that he had the necessary funding to take Tesla private in August past year, the executive reached a settlement with the Securities and Exchange Commission.

But he also said the move to close 10 percent of stores and evaluate others is the right thing to do, and said most retail companies do that all of the time.

You'll keep seeing Tesla stores after all.

Tesla disclosed Monday in a government filing that it had shuttered 10 percent of its retail locations, but it is now reevaluating each of its stores.

Tesla CEO Elon Musk faces a deadline on Monday to respond to the Securities and Exchange Commission (SEC) about recent tweets that regulators want him held in contempt of court over. Sales of the Model 3 have fallen almost 80 percent since that time. The company hasn't yet clarified why it partly reversed its initial decision, but Engadget has reached out for more information.

Tesla spokeswoman Emily Findlay also said there is nothing more to add beyond what the blog post had mentioned.