Published: Fri, March 15, 2019
Money | By Ralph Mccoy

Elon Musk Reverses On Tesla Price Cuts

Elon Musk Reverses On Tesla Price Cuts

Last year, Tesla's total headcount increased by 30 percent, "which was more than we can support", Musk wrote in a company blog post. Meanwhile, the company also lowered the starting price for Model 3 cars from $43,000 to $35,000, a price point Musk had long promised his fans. No other reproduction or distribution is permitted without prior written consent. Now, let's take a look at some recent updates related to Tesla CEO Elon Musk's legal battle with the SEC (Securities and Exchange Commission). The filing says Musk "correctly used his discretion to determine" that a tweet on February 19th "did not contain information that could reasonably be considered material" to Tesla.

Lawyers for Tesla chief Elon Musk on Monday argued that U.S. regulators overstepped their bounds by calling for him to be held in contempt for a tweet.Musk had until the end of the day Monday to respond to an accusation by the Securities and Exchange Commission that he violated terms of a court-endorsed deal between him and the regulatory agency stating that he should avoid sending any tweet that could affect the price of Tesla shares.His attorneys contended in a court filing that Musk did not violate the court's order and that there is no basis to issue contempt sanctions against him.

On Monday, Musk argued in a filing that his "single, immaterial" tweet to his more than 24 million Twitter followers claiming the electric vehicle-maker would produce around 500,000 cars in 2019 did not violate that agreement.

However, this could help Tesla get more units of the Model Y out on the road, something which has been a major worry for the company with the Model 3. Details concerning the new vehicle are scarce, but Musk says the SUV will be bigger than the company's latest Model 3 sedan.

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Similar to the Model 3, the upcoming compact SUV Model Y will also be an affordable model targeting mass consumers, priced at around $38,500.

Potential Tesla owners will have a week to place their order before prices rise, so current prices are valid until March 18th. And yet, last week some of them were reportedly prompted to go back to "business as usual", despite retail employees not having access to commission and bonuses, resulting in far lower compensation. Robert Taubman, chief executive officer of Taubman Centers Inc., is quoted as saying at the Citi 2019 Global Property CEO conference: "Tesla is a company with a viable balance sheet that is going to owe a lot of landlords a lot of money".

That doesn't mean every Model Y will be made in America.

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