Economy

Tesla to raise model prices by average of 3%

Tesla to raise model prices by average of 3%

What is clear is that Tesla sales in 2019 have been disastrous.

One of the more interesting and admirable things about Tesla over the years has been the company's clear vision and unwavering adherence to a coherent product strategy.

The electric-car maker said that keeping more stores open will cause it to raise the price of its cars.

Tesla has backed off a plan to close all its USA stores and said it will instead raise prices of its higher-end vehicles by about 3 percent on average.

The renewed public battle between Tesla's chief executive and the top USA securities regulator adds pressure on Musk, the public face of Tesla, who is struggling to make the company profitable after cutting the price of its Model 3 sedan to $35,000. Why didn't the company do a proper review of its store network before its first announcement?

Last month, we announced that we would be winding down many of our stores and moving to online-only sales in order to pass the savings along to our customers. One of the stipulations of this settlement was for Tesla to oversee all of Musk's future tweets to ensure they had no impact on the auto manufacturer's stock price.

"A few stores in high visibility locations that were closed due to low throughput will be reopened, but with a smaller Tesla crew". In a blog post, the company said about half the locations it was planning to close will stay open.

Captain Marvel, Marvel's first female-fronted superhero movie, conquers weekend box office
Is that war led by women? Moving forward, I decided to make sure my press days were more inclusive... Captain Marvel is now the third highest March debut of all time in the USA.

This decision means that global prices will need to rise.

Separately, Bloomberg reported on Monday that Tesla is in discussions with Chinese battery maker Contemporary Amperex Technology Co Ltd on a deal for the production of rechargeable batteries for the Model 3.

Musk, 47, described the store wind-down announced on February 28 as a cost-cutting move that enabled Tesla to offer a long-promised US$35,000 version of the Model 3 sedan, the automaker's first mass-market vehicle.

Its launch date was announced last week by Tesla CEO and founder Elon Musk following the warmly welcomed, $US35,000 ($A49,750 at today's rates) base model of the all-electric Model 3 sedan.

Just a few days ago, Tesla released the cheaper Model 3 and announced sweeping changes to its business model, closing most of its existing physical stores and turn those that remain into showrooms and "information points".

The most likely explanation for this demand drop, over and above seasonality, is that Tesla did everything it possibly could to pull sales into Q4 in order to qualify the maximum number of buyers for expiring EV tax credits.


  • Safety Landon Collins Agrees to Six-Year Contract With Redskins

    Safety Landon Collins Agrees to Six-Year Contract With Redskins

    Landon Collins has landed the first oh-my-goodness contract of 2019 free agency and reset the safety market in the process. He's a downhill playmaker and will give Washington something that they have lacked for a long time: a quality box safety.
    Carlson: I'm Not Apologizing Over Old Radio Comments

    Carlson: I'm Not Apologizing Over Old Radio Comments

    In a 2007 recording, Carlson said of women: "They're extremely primitive, they're basic, they're not that hard to understand". He's like got some weird religious call where he thinks it's okay to, you know, marry underage girls, but he didn't do it.
    The Shield to Open Tonight’s WWE RAW Episode

    The Shield to Open Tonight’s WWE RAW Episode

    "Rebecca Quinn talked s-t about my husband, and I told her I'd beat the f-k out of her next time I saw her", she said. Becky Lynch for the vacated Raw Women's Championship and Daniel Bryan vs. the recently returned Kevin Owens .
  • INSIDE PICTURES: Akash Ambani & Shloka Mehta’s Wedding Was Absolutely Dreamy!

    INSIDE PICTURES: Akash Ambani & Shloka Mehta’s Wedding Was Absolutely Dreamy!

    Also read: Akash Ambani, Shloka Mehta wedding reception highlights: Aishwarya Rai , Sonali Bendre make a stunning appearance. While Akash looked smart in a black kurta with a long embellished jacket, Shloka wore a golden ensemble.
    Prodigy star Flint died from hanging: inquest

    Prodigy star Flint died from hanging: inquest

    According to the BBC , a toxicology report is under way, but is not expected to be released until July 23 during a full hearing. Police found Flint at his home at 8:08am on Monday 4 March, and later confirmed they were not treating the death as suspicious.
    Chance the Rapper ties the knot in star-studded wedding

    Chance the Rapper ties the knot in star-studded wedding

    Photos shared on social media show a number of their guests enjoying a photobooth that was set up at the wedding reception. E! News reports that a string quartet played as the bride and groom walked down the aisle.
  • The reason Prince Harry travelled to Berlin alone this week

    The reason Prince Harry travelled to Berlin alone this week

    Meghan surprised fans when she joined Harry on stage for WE Day in London. "The Archbishop of Canterbury will give a speech". The Duchess of Sussex has made a surprise appearance at WE Day UK, after being led on to the stage by her husband.
    Weather warnings issued ahead of arrival of Storm Gareth

    Weather warnings issued ahead of arrival of Storm Gareth

    Gales and snow caused disruption and battered parts of Britain as winds of up to 65mph swept through southern parts of England. The West of Ireland looks set to be hit by very wet and windy weather in the coming hours and days as Storm Gareth approaches.
    Zinedine Zidane confirmed as new Real Madrid manager

    Zinedine Zidane confirmed as new Real Madrid manager

    Real now lie in third place in La Liga , 12 points behind leaders and arch rivals Barcelona and neighbors Atletico Madrid . And when they lost 4-1 to Ajax in their Champions League last-16 second leg, there was no way back for Solari .
  • Kelly freed from Chicago jail after child support paid

    Kelly freed from Chicago jail after child support paid

    It's not known at this time how Kelly paid for his release. "How, if my ex-wife is destroying my name and I can't work?" he said. He was jailed in Cook County last month after turning himself in in the wake of the abuse allegations.
    George Foreman's Daughter Is Found Dead

    George Foreman's Daughter Is Found Dead

    George Foreman confirmed her death on Twitter on Sunday night, posting a picture of them at her college graduation. Freeda Foreman , the daughter of legendary boxer and former heavyweight champion George Foreman , has died at 42.
    Raiders make first free-agency strike, luring Trent Brown off Patriots

    Raiders make first free-agency strike, luring Trent Brown off Patriots

    Wynn, drafted 31st overall out of Georgia past year , missed all of last season after tearing his Achilles during the preseason. Of course, the Patriots have time to add players at the position with free agency , the draft and trade possibilities.