Tesla to raise model prices by average of 3%

Tesla to raise model prices by average of 3%

It's not clear if Tesla will increase just the base price of the vehicles, or if certain options will be subject to the price hike as well. Price increase will not affect the $35,000 Model 3, the company added. All other cars across the automaker's order books are slated to go up in price beginning March 18 by 3 percent.

To keep the lights on, Tesla notes that it will need to raise prices on all Models, with the exception of the low-margin Model 3's $35,000 Standard Range variant.

The company has already lowered prices for the Model 3 a number of times.

The carmaker has confirmed that the price rises will become effective from March 18th.

'I don't trust it anymore and I'm concerned at what the firm will do next. That's a awful feeling for anyone to have to experience, especially when the number fluctuates from 100% of its retail stores down to a more conservative, but still very large, 20% of stores.

While the latest announcement will mean that prices will still be lower than they were at the beginning of 2019, they won't be reduced by such huge amounts. "In other words, we will only close about half as many stores, but the cost savings are therefore only about half".

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However, it did not state which of the 378 stores and service locations around the world it would close.

"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.

In a Monday filing with government regulators, Tesla now says it closed 10 per cent of its stores, but a few of those will now remain open.

'These are stores that we would have closed anyway, even if in-store sales made up our entire sales model. In a blog post, the company said about half the locations it was planning to close will stay open. It added that the future of another 20% of locations will be under review in the next few months.

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. Although Tesla said it would concentrate on making up volume in Europe and China, neither of those markets appear able to take up the US' slack.

In January it announced seven per cent of its 45,000-strong workforce would be cut, indicating around 3,000 job losses.

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