Published: Mon, March 11, 2019
Money | By Ralph Mccoy

Tesla turns around raising prices, keeping more stores open

Tesla turns around raising prices, keeping more stores open

That move was supposed to help lower prices by about 6 percent on average, instead Tesla will raise prices by about 3 percent on average and it will keep more of its retail stores open, according to the company.

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". After March 18 some prices will get bumped up. Musk did not specify how many stores would close, or how many jobs would be lost as a result.

"A few stores in high visibility locations that were closed due to low throughput will be reopened, but with a smaller Tesla crew." noted Tesla.

Tesla Inc. said a photograph published by Citron Research founder Andrew Left on Friday isn't the new Model S sedan.

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While it is as yet unknown if the Model Y will be made immediately available in the base version, it is known that there will be a mix of the shorter range base Model 3 and higher range and spec'd models being produced at the same time at Tesla's Fremont vehicle factory.

Tesla Inc Chief Executive Elon 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. However, cars will still be available for test drives at stores at the potential Tesla owner's request.

Potential Tesla vehicle buyers will have a week to place orders before prices rise for the Model S and X, the company said. Tesla says that stores will cary a "small number" of cars in inventory so that some buyers can drive away in a Tesla right away.

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