"As a result of keeping significantly more stores open, Tesla will need to raise vehicle prices by about 3 percent on average worldwide", a company statement said. Musk described the winding down of many stores as a cost-cutting move that enables Tesla to offer a long-promised US$35,000 version of the Model 3 sedan, the automaker's first mass-market vehicle.
The company stated that it has evaluated all of its stores over the past two weeks and has made a decision to keep "significantly more" stores open than originally anticipated. 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.
Less than two weeks after announcing a plan to shift all of its sales online in effort to cut costs, Tesla now says it will keep physical stores open and instead raise the prices of its vehicles.
A few stores in high-visibility locations that were closed because of low throughput would be reopened with a smaller Tesla crew and would carry fewer cars in inventory. However, cars will still be available for test drives at stores at the potential Tesla owner's request. Before the $35,000 Model 3 was available, the cheapest Tesla started at $42,900. Ramsey asked. "It's nearly as if the decision was announced and made without any analysis of what the outcome would be".
Musk, 47, tweeted on August 7 that he had secured funding to take Tesla private at $420 a share, and that he had confirmed investor support for the transaction.
Musk and Tesla each paid a $20 million fine as part of a settlement agreement with the SEC and Musk agreed to step down as Tesla's chairman.
After Musk infamously (and falsely) tweeted that he had the necessary funding to take Tesla private in August a year ago, the executive reached a settlement with the Securities and Exchange Commission. The auto firm is backtracking on its plans to close most of its stores worldwide after a period of evaluation.
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The company also revised its earlier plan to close all physical retail stores.
You'll keep seeing Tesla stores after all.
On balance, this seems like further evidence that Tesla's initial announcement wasn't really planned.
Tesla has finally launched the $35,000 Model 3.
The blog post doesn't give a rationale for why Tesla is backpedaling.