Tesla Plans Price Hikes To Keep Struggling Stores Open

Musk Calls SEC Censorship 'Unconstitutional,' Asks Judge To Dismiss Contempt Charge

Tesla has backflipped on plans to move all sales of its electric vehicles online, announcing that it has chose to keep "significantly more" retail outlets open, and pay for this by raising its auto prices by around 3 per cent worldwide.

Tesla has announced it will not be closing almost as many stores as it claimed 10 days ago and that it will have to raise prices across its vehicle fleet as a result.

Tesla last month said it will close "many" of its 378 stores as it moves to online-only sales, but in Sunday's announcement the company said it will revise lower the number it closes. According to CNBC, which received a copy of the email, Musk wrote that the company would now be keeping many of its unclosed stores open, and would even reopen some of the now-shuttered locations.

Tesla made a controversial decision last month when it announced that it would be closing all of its stores and going online only for sales of its EVs. The stores will keep a small inventory on hand for people who want to drive away immediately.

The SEC submission says the go-private plan was discussed internally at Tesla many days before Musk's tweet "and that many were suspect of the purported deal's legitimacy", Meissner's statement said.

After Musk infamously (and falsely) tweeted that he had the necessary funding to take Tesla private in August previous year, the executive reached a settlement with the Securities and Exchange Commission.

What is clear is that Tesla sales in 2019 have been disastrous. For example, that will make the Model 3 dual-motor variant with all-wheel drive about $49,600 compared to its current $48,200 starting price before a partial federal tax credit.

As for the $35,000 Model 3, it's pretty clear why the company isn't raising the price of that one; Musk promised that the vehicle will be available at that price point and any increase, especially this close to launch, would likely cause a lot of backlash. It's unclear how that applies to the company's local Australian operations, about which Tesla Australia will not comment.

Tesla founder Elon Musk accused the Securities and Exchange Commission late Monday of overreach and violating his First Amendment rights in the agency's attempt to hold him in contempt for a previous settlement agreement.

Fox News senior judicial analyst Judge Andrew Napolitano on Tesla CEO Elon Musk's Twitter fight in court and the legalization of marijuana in states across the country. That's a price point needed to reach more consumers and generate the sales that the company needs to survive, Musk has said.

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