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Tesla will keep stores open, vehicle price increase coming after March 18

Tesla will keep stores open, vehicle price increase coming after March 18

Like a speeding sports vehicle executing a hairpin turn, the company veered abruptly on Sunday, backtracking on an earlier announcement from just a week and a half ago that it would soon close all of its retail stores. Tesla has stated that only the most expensive variants of the Model 3, S and X will be impacted.

"In other words, we will only close about half as many stores, but the cost savings are therefore only about half", the company said in a statement posted to its official blog.

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).

Now, however, the company has backtracked, saying in a blog post that it has taken a close look at each of its stores and realized it makes more sense to keep majority open.

Tesla announced that it has already closed the lowest-performing 10 percent of its stores.

Despite keeping more stores open, Tesla will still use an online only sales model worldwide, with all auto sold with a seven-day or 1000-mile return policy.

The electric vehicle maker said in a statement late Sunday that prices for most models worldwide would go up by about 3% after it chose to "keep significantly more stores open than previously announced".

Tesla also chose to retain some of the physical stores it had planned to close and will reopen some of the closed retail centers. The higher prices will take effect on March 18.




It has now confirmed in a statement released yesterday that it will be keeping "significantly more stores open than previously announced".

Many Tesla sales employees were left wondering whether their stores - and jobs - would be among those immediately cut.

A number of Tesla investors are suing company chief executive Elon Musk over his recent tweets.

A further 20 percent of Tesla retail locations are being reviewed and may be cut if performance does not improve over the coming months.

To make up for this, Tesla will raise the prices of its high-end vehicles by about 3 percent on average, as it strives for profitability.

We are making an adjustment to our plans and will, at least for the next several months, retain more stores than previously announced.

The company earlier announced a switch to online-only sales in hopes of cutting costs while boosting demand and the firm's stock price as it had a billion-dollar debt payment to make.

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