Tesla Changes Its Mind Over Store Closures, Raises Prices By 3%

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Tesla Changes Its Mind Over Store Closures, Raises Prices By 3%

However, amid recent store closures and related staffing cuts, Tesla announced on Monday that it has made a decision to reopen some stores that are in high visibility areas.

The carmaker said a few stores in high-visibility locations that were closed due to low throughput will be reopened with a smaller Tesla crew.

As for the $35,000 Model 3, it's pretty clear why the company isn't raising the price of that one; Musk promised that the vehicle will be available at that price point and any increase, especially this close to launch, would likely cause a lot of backlash.

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

It is still planning to conduct its sales online and said that buyers in stores will be shown how to order a Tesla on their phone, a process which Tesla says will take just a few minutes.

Tesla will raise the price of all its cars, with the exception of the new entry-level Model 3 Standard, by "an average" of 3% worldwide. "In other words, we will only close about half as many stores, but the cost savings are therefore only about half".

Legal experts have said the SEC could now pursue multiple avenues, including a higher fine, imposing further restrictions on Musk's activities or removing him from Tesla's board or helm. However, cars will still be available for test drives at stores at the potential Tesla owner's request.

The price hike won't apply to its much-anticipated $35,000 Model 3 (getting this to market was the reason for the original closure plan) and won't come into effect until March 18 - so you still have a week to get your order in if you've been mulling it over.

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