Tesla turns around raising prices, keeping more stores open

Tesla turns around raising prices, keeping more stores open

Tesla turns around raising prices, keeping more stores open

In a blog post Sunday, the company announced it would "keep significantly more stores open than previously announced". The stock has slumped since then, closing at $284.14 on Friday, after Chief Executive Officer Elon Musk slashed the prices of Tesla cars and announced the company will close nearly all its stores.

Tesla Inc. said it plans to raise average vehicle prices by about 3 percent globally after it made a decision to shut down fewer stores than it previously announced.

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It's unclear how many stores Tesla will keep open, exactly, and where. However, "a few stores in high visibility locations" will be reopened. "In other words, we will only close about half as many stores, but the cost savings are therefore only about half", Tesla stated.

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. The price increases will only apply to the more expensive variants of Model 3, as well as Model S and X.

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Potential Tesla owners will have a week to place their order before prices rise, so current prices are valid until March 18th.

Despite this quick direction change, Tesla maintains that worldwide sales will be moving to an online model.

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And despite test drives being one of the biggest draw cards of the stores, the company is confident that its "1000 miles or 7 days" return policy will negate customers' need to try a very expensive auto before they actually buy one. A small number will be kept in inventory if you want to drive away with one immediately, it added.

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