Tesla to raise model prices by average of 3%

Model 3					Tesla acquires car-hauling trucks and trailers amid effort to optimize Model 3 deliveries

Model 3 Tesla acquires car-hauling trucks and trailers amid effort to optimize Model 3 deliveries

In late February Tesla boldly stated it would be closing its physical retail location in favor of an online ordering system.

One relief for drivers is that Tesla will not increase the prices of the $35,000 Model 3.

Perhaps realizing that closing the majority of its stores was a short-sighted move, the company over the weekend announced that it will keep most of its stores open and that the promised price cuts for the Model S and Model X won't be implemented.

Another 20% of Tesla's store locations are under review, and a decision on if they remain open will be based on their effectiveness over the next few months.

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.

In all, only half as many stores as initially planned will be closed.

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Tesla updated that the current prices will stay only until March 18.

To make up for this, Tesla will raise the prices of its high-end vehicles by about 3 percent on average, as it strives for profitability.

Tesla had closed 10 percent of stores recently.

Tesla said it's backtracking on plans to close most of its stores and hike prices for its costlier vehicle models.

In its statement on Sunday, Tesla also tried to assert that the plan to conduct all sales online remained in place. The retail locations also will carry inventory of vehicles for test drives and for immediate purchases.

"As part of Tesla's ongoing logistics strategy to increase its vehicle transport capacity, reduce vehicle transportation time, and improve the timeliness of scheduled deliveries, Tesla agreed to issue shares of Tesla's common stock in connection with its acquisition of certain car-hauling trucks and trailers from Central Valley Auto Transport, Inc".

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Tesla has cut thousands of employees since the start of the year as the carmaker continues to overhaul its operations to hit profitability.

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

The company didn't give a reason for its decision to reverse course.

The blog said that sales would be made online only and that drivers would not need test drives as they could return the vehicle within a week or before driving 1,000 miles, whichever came first.

Shares of the company, among Wall Street's most volatile in recent months, were roughly flat in early trading on Monday.

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