Published: Mon, March 11, 2019
Markets | By Erika Turner

Tesla hits brakes on retail store closures, will raise prices instead

Tesla hits brakes on retail store closures, will raise prices instead

In a blog post Sunday, the company announced it would "keep significantly more stores open than previously announced". When we recently closed 10% of sales locations, we selected stores that didn't invite the natural foot traffic our stores have always been designed for.

Earlier this month Tesla said it would close an unspecified number of stores to fund a cut in the price of the Model 3 in the U.S. to $35,000 (£26,400).

Tesla Inc. said it plans to raise average vehicle prices by about 3 percent globally after it chose to shut down fewer stores than it previously announced. The billionaire CEO of Tesla has had many a infamous moments on Twitter which have landed him in more than a spot of bother.

Tesla has walked back on its decision to close most of its stores in order to save costs, announced two weeks ago. Musk did not specify how many stores would close, or how many jobs would be lost as a result.

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Tesla said the stores will carry fewer cars in inventory for customers who wish to drive away with a Tesla immediately. As a result, the company will increase auto prices by about 3% on average, globally.

Tesla said the worldwide price hikes will apply to the more expensive variants of Model 3, Model S and Model X, and there will be no price increase to the $35,000 (£26,975) Model 3.

Furthermore, another 20% of locations are under review; depending on how they perform "over the next few months", some will be shut down.

Tesla hasn't announced a new Model S. The photo was published online by a vehicle designer based in Istanbul past year. However, cars will still be available for test drives at stores at the potential Tesla owner's request.

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