Electric carmaker Tesla Inc backed off its plan to close all of its U.S. stores in a blog post and instead will raise prices of its high-end vehicles by about 3 per cent on average, as it strives for profitability.
The case is the latest major challenge by authorities to Musk’s leadership as Tesla seeks to make good on his promises to Wall Street that it will soon by consistently profitable and will not need more capital. “The 3 per cent price increase announcement still indicates … strong demand,” said Ivan Feinseth, an analyst with Tigress Financial Partners.
Cost savings from store closings will be only about half the expected amount as the company will close only half the number of stores planned, it said. A few stores in high-visibility locations that were closed because of low throughput would be reopened with a smaller Tesla crew and would carry fewer cars in inventory.
Source: Car News Wire (carnewswire.net)
ec_minister great how are we suppose to go green now?
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