Tesla performs U-turn over store closures

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

To soften the blow of the initial announcement, the company used projected savings to reduce prices across its range by around six per cent, while some models in Australia had prices slashed by around $80,000. The company will evaluate the performance of approximately 20% store locations over the next few months before determining if they should remain open or close.

Tesla has announced it will not be closing almost as many stores as it claimed 10 days ago and that it will have to raise prices across its vehicle fleet as a result.

Tesla emphasised the decision to move to online-only sales still stood, however, "in that potential Tesla owners coming in to stores will simply be shown how to order a Tesla on their phone in a few minutes".

Tesla explains that by keeping more stores open, the company will need to raise the price of Model S, Model X and the more expensive Model 3 variants. However, cars will still be available for test drives at stores at the potential Tesla owner's request.

There are just days to go before the newest all-electric SUV made by electric vehicle pioneer Tesla, the Model Y, is introduced to the world. Ramsey asked. "It's nearly as if the decision was announced and made without any analysis of what the outcome would be".

In a separate issue, Musk must argue his case to the Securities and Exchange Commission (SEC) why he should not be held in contempt over past tweets announcing he planned to take the company private at $420 a share and had the funding to do it, Reuters reported. "It makes it seem like Tesla is making decisions on the fly and reacting to very short-term factors".

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Separately, Chief Executive Officer Musk has until the end of the day on Monday to explain why he should not be held in contempt for recent tweets that USA securities regulators say violated a September fraud settlement.

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.

In announcing the move on February 28, CEO Elon Musk said it was necessary to cut costs in order to profitably sell the mass-market version of the Model 3 sedan for $35,000.

Tesla had said less than two weeks ago that it would begin shutting most of its stores in a cost-cutting move created to help reduce the price of its bestselling vehicle, the Model 3, to as low as $35,000.

In addition to the e-mail to all employees, Tesla also published a blog post Sunday night, conveying these details to shareholders and the general public.

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