Economy

Tesla backtracks on recently-announced plan to close its stores

Tesla backtracks on recently-announced plan to close its stores”

As for how Tesla plans to get around the online ordering and limited test drive capability, it points to its "generous" return policy. Musk did not specify how many stores would close, or how many jobs would be lost as a result.

Tesla will raise the price of its vehicles after going back on a recent decision to close most of its stores.

"Over the past two weeks we have been closely evaluating every single Tesla retail location, and we have chose to keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months", Tesla said in a statement.

Tesla said the worldwide price hikes will apply to the more expensive variants of Model 3, Model S and Model X. The company also announced that it would be closing almost all of its stores and that the Model S and Model X would also see some slight price reductions.

Telsa notes that over the last two weeks it has closely evaluated all Tesla retail locations.

"Potential Tesla owners coming in to stores will simply be shown how to order a Tesla on their phone in a few minutes", the company said.

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.

Tesla said that it would increase the cost of most of its cars by an average of 3 per cent after changing its mind about its physical stores. Before the $35,000 Model 3 was available, the cheapest Tesla started at $42,900. In a blog post, the company said about half the locations it was planning to close will stay open. Musk announced in January the company would cut 7 percent, or roughly 3,150 jobs, of its workforce. InsideEVs, a publication close to Tesla, tracks United States electric vehicle deliveries and according to its numbers, January and February deliveries were down by around 80 percent compared to the months leading up.

Other than that, Tesla is not giving much away: accompanying the invitation is a high contrast image of the front profile of the electric SUV, which appears (rightly so) to have a higher roof than the Model 3.

Tesla Inc chief executive Elon Musk shot back against the U.S. financial regulator on Monday, arguing in a filing that a recent tweet about the electric vehicle maker's production volume did not violate the court's judgment and there is no basis to issue contempt against him.

Tesla on Sunday announced that it would reduce the number of store closures that it had previously announced. Though the company noted that most orders occur through the Tesla website, that's probably a function of eager Tesla buyers willing to pull the trigger with not so much as a test drive.



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