Tesla to Raise Prices, Backtracks on Closing Most Stores

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

CleanTechnica spoke to several retail store employees after the news of Tesla closing retail stores went out and the sentiment was universally unsettled.

Potential Tesla vehicle buyers will have a week to place orders before prices rise for the Model S and X, the company said Monday.

The electric carmaker reversed course on Sunday, saying it will now raise the price on its high-end vehicles, after saying last month that it was closing retail stores and switching to an online sales model.

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

Potential Tesla vehicle buyers will have a week to place orders before prices rise for the Model S and X, the company said Monday.

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Tesla says the move will allow it to keep open more of its Tesla stores than previously planned.

Tesla said it would close the stores in order to be able sell its EVs more cheaply, but the WSJ pointed out that Tesla would still be on the hook for $1.6 billion worth of leases. To pay for this, the EV maker is raising the price of its cars by about 3 percent on average worldwide on March 18.

Tesla also suggested a brick-and-mortar retail strategy was important in its annual report filed February 19, just nine days before Musk announced the pivot to online sales.

However, there will be no price hike for the cheapest Model 3, which is its cheapest vehicle with a starting price of $35,000 in the USA, around £26,400 in the United Kingdom - although prices for Britain are yet to be confirmed.

"Over the past two weeks we have been closely evaluating every single Tesla retail location, and we have made a decision to keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months", the company said. The billionaire CEO of Tesla has had many a infamous moments on Twitter which have landed him in more than a spot of bother.

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Until recently, Tesla's store strategy seemed to be one of expansion.

But he also said the move to close 10 per cent of stores and evaluate others is the right thing to do, and said most retail companies do that all of the time.

Shares of the company, among Wall Street's most volatile in recent months, were roughly flat in early trading on Monday.

Tesla spokeswoman Emily Findlay also said there is nothing more to add beyond what the blog post had mentioned.

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