Tesla hits brakes on retail store closures, will raise prices instead

Tesla hits brakes on retail store closures, will raise prices instead

The update follows Tesla's recent announcement that it would be shifting to an online-only sales model and closing many of its stores as a cost-cutting measure to support the new $35,000 Model 3.

Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019.

Potential Tesla auto buyers will have a week to place orders before prices rise for the Model S and X, the company said.

Now, however, the company has backtracked, saying in a blog post that it has taken a close look at each of its stores and realized it makes more sense to keep a lot of them open. "In other words, we will only close about half as many stores, but the cost savings are therefore only about half", Tesla stated.

Tesla says the move will allow it to keep open more of its Tesla stores than previously planned.

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The company noted that it already shuttered 10 percent of sales locations that weren't generating sufficient foot traffic, and those will remain closed.

Furthermore, another 20% of locations are under review; depending on how they perform "over the next few months", some will be shut down.

There are just days to go before the newest all-electric SUV made by electric auto pioneer Tesla, the Model Y, is introduced to the world.

The price hikes will go into effect in a week, giving potential buyers a chance to place orders before that happens.

Tesla hasn't announced a new Model S. The photo was published online by a vehicle designer based in Istanbul previous year. Stores will also carry a small number of cars in inventory for customers who wish to drive away with a Tesla immediately.

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