Tesla to raise vehicle prices, keep more stores open

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

Tesla will raise prices and backtrack on closing most of its stores

The stock has slumped since then, closing at $284.14 on Friday, after Chief Executive Officer Elon Musk slashed the prices of Tesla cars and announced the company will close nearly all its stores.

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

The price rises, which will come into effect on 18 March, will add around £2160 to the £72,000 starting price of a Model S, and £2400 to the cheapest Model X SUV, now £80,200.

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 majority open. However, several high-visibility locations that it closed will reopen "with a smaller Tesla crew", it said. The Model 3 has not yet gone on sale in the United Kingdom, so final pricing has yet to be decided.

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Legal experts have said the SEC could now pursue multiple avenues, including a higher fine, imposing further restrictions on Musk's activities or removing him from Tesla's board or helm. The company said that the 10% of stores it had recently closed weren't performing and would've been closed anyway.

Electric carmaker Tesla Inc said on Sunday it will raise prices of its high-end vehicles by about 3 percent on average as it plans to keep more retail stores open than planned.

Fortunately, test drives will still be available by request and stores will have a few cars on hand for anyone who decides they need to buy one on the spot.

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

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