Tesla gives first glimpse of Model Y ahead of formal launch

12 March, 2019, 07:58 | Author: Gerard Cortez
  • Tesla Model X

Tesla says "As a result of keeping significantly more stores open, [we] will need to raise vehicle prices by about 3% on average worldwide".

To soften the blow of the initial announcement, the company used projected savings to reduce prices across its range by around six per cent, while some models in Australia had prices slashed by around $80,000.

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 didn't provide a reason for the U-turn other than saying it followed a two-week evaluation of all the company's retail locations.

Tesla is set to marginally increaser the cost of its cars worldwide as it looks to keep more of its stores open.

Tesla justified online ordering saying that its generous return policy will compensate test drives as buyers can return a vehicle with seven days or 1,000 miles.

Remaining stores could have fewer workers but will have vehicles available for test drives and a small inventory in case people want to buy immediately, the statement said.

Lawyers for Tesla chief Elon Musk on Monday argued that USA regulators overstepped their bounds by calling for him to be held in contempt for a tweet.

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'A few stores in high visibility locations that were closed due to low throughput will be reopened, but with a smaller Tesla crew.

Tesla is still sticking with its plan for all orders for its vehicles to take place online - even in its brick-and-mortar outlets.

The company has been pushed to cut costs in recent weeks having suffered its "most challenging" year in its history.

On Monday morning, SEC Chairman Jay Clayton declined to comment when approached by Reuters at an event in Washington on what penalties the agency planned to pursue against the billionaire.

Musk's lawyers face a Monday deadline to file a legal brief explaining to a NY federal judge why he shouldn't be held in contempt of court for an inaccurate February 19 tweet that could have influenced the company's stock price. And the generous return policy of 1000 miles or 7 days, whichever comes first, should alleviate the need for most test drives at stores at the potential Tesla owner's request. The company also revised its earlier plan to close all physical retail stores. The reduction in retail headcount would allow it to sell the cheapest version of the Model 3 while remaining financially stable. That's a price point needed to reach more consumers and generate the sales that the company needs to survive, Musk has said.

In addition to the e-mail to all employees, Tesla also published a blog post Sunday night, conveying these details to shareholders and the general public.

However, the long-promised $US35,000 Model 3 will not be impacted by the increase.

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