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

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

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

The renewed public battle between Tesla's CEO and the SEC adds pressure on Musk, the public face of the electric vehicle-maker who is struggling to make it profitable after cutting the price of its Model 3 sedan to $35,000.

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

Cost savings from store closing will be only about half the expected amount as the company will close only half the number of stores planned, it said. As a result, the company will increase auto prices by about 3% on average, globally. In addition, there are another 20% of locations that are under review, and depending on their effectiveness over the next few months, some will be closed and some will remain open.

More news: More phones than ever will get early access to Android 10

The lawsuit which has been filed in Delaware Chancery Court raises issues about Musk and Tesla directors "breaching their duties to investor", says Bloomberg.

And despite test drives being one of the biggest draw cards of the stores, the company is confident that its "1000 miles or 7 days" return policy will negate customers' need to try a very expensive auto before they actually buy one.

Potential Tesla owners will have a week to place their order before prices rise, so current prices are valid until March 18th.

Tesla said the worldwide price hikes will apply to the more expensive variants of Model 3, Model S and Model X, and there will be no price increase to the $35,000 (£26,975) Model 3.

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