Tesla says it'll keep more stores open and raise vehicle prices

Tesla says it'll keep more stores open and raise vehicle prices

Over the past two weeks we have been closely evaluating every single Tesla retail location, and we have made a decision to keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months.

Tesla said the worldwide price hikes will apply to the more expensive variants of Model 3, Model S and Model X.

The news reads more like a stay of execution than a pardon, but surely comes as welcome news to the thousands of retail employees staffing its stores around the world that were left not knowing if they would even have jobs in the coming days or weeks after the company made a decision to close most of its stores.

Its launch date was announced last week by Tesla CEO and founder Elon Musk following the warmly welcomed, $US35,000 ($A49,750 at today's rates) base model of the all-electric Model 3 sedan.

Potential Tesla vehicle buyers will have a week to place orders before prices rise for the Model S and X, the company said Monday. However, cars will still be available for test drives at stores at the potential Tesla owner's request. Now, however, Tesla will be increasing the price of cars by "about 3%", erasing half the savings. Ramsey asked. "It's nearly as if the decision was announced and made without any analysis of what the outcome would be".

A small number of vehicles will be kept in inventory for customers who wish to drive away with a Tesla immediately. Attorney Andrew Meissner said in a statement that Sean Gouthro provided information about Musk's August 7 tweet that he had the financing to take the company private at $420 per share.

Tesla has been making efforts to cut costs.

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As part of that settlement, Musk stepped down as the company's chairman and he and Tesla agreed to pay $20 million each in fines.

The U.S. Securities and Exchange Commission asked a federal court in Manhattan to hold Musk in contempt after he tweeted about Tesla's production volume, saying he breached the agreement requiring him to get company approval before sharing any material information on social media. The auto firm is backtracking on its plans to close most of its stores worldwide after a period of evaluation. Sales of the Model 3 have fallen almost 80 percent since that time.

Tesla's share price rose nearly 3% in early German trading, following the publication of the blog post.

Musk was required as part of a settlement reached with the SEC a year ago - over "misleading" tweeted claims about having secured funding to take the company private - to have social media posts containing material content approved before sending them.

On balance, this seems like further evidence that Tesla's initial announcement wasn't really planned.

Less than a fortnight ago the electric auto maker said it was taking sales nearly entirely online in a move it said would reduce the cost of selling a vehicle by up to 6pc and help lower the cost of its cheapest auto, the Model 3, down to $35,000 (£26,700).

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

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