11 March 2019, 5:56 pm

Tesla to raise prices and keep more stores open

Tesla is increasing prices of its electric cars after scaling back a store closure programme.
The carmaker said the 3% price rise would not apply to the new mid-market Model 3.
Earlier this month Tesla said it would close an unspecified number of stores to fund a cut in the price of the Model 3 in the US to $35,000 (£26,400).
It will now close “about half as many” stores – making half the cost savings.
The carmaker, founded by Elon Musk, said that keeping more stores open would require a rise in vehicle prices by about 3% on average worldwide.
It has 378 stores and service locations but had not been specific about which ones would close.
“Over the past two weeks we have been closely evaluating every single Tesla retail location, and we have decided to keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months,” the company said.
While it is pressing ahead with the price cut to the mid-market Model 3, prices will go up for more expensive variants of Model 3, as well as Model S and X cars, which can already cost up to £87,000. Customers can order at existing prices until 18 March.
BBC