Wednesday, 22 May, 2019


Tesla's Musk nears deadline to respond to SEC contempt bid

Tesla's Musk nears deadline to respond to SEC contempt bid Tesla's Musk nears deadline to respond to SEC contempt bid
Conrad Doyle | 12 March, 2019, 04:53

The SEC submission says the go-private plan was discussed internally at Tesla many days before Musk's tweet "and that many were suspect of the purported deal's legitimacy", Meissner's statement said. Some of the stores that have already closed will be reopened with fewer staff members.

As a result of keeping more stores open, Tesla is going to raise vehicle prices by about 3 percent across the globe.

The renewed public battle between Tesla's chief executive and the top US securities regulator adds pressure on Musk, the public face of Tesla, who is struggling to make the company profitable after cutting the price of its Model 3 sedan to $35,000. The company also announced that it would be closing almost all of its stores and that the Model S and Model X would also see some slight price reductions.

The company stated that it has evaluated all of its stores over the past two weeks and has chose to keep "significantly more" stores open than originally anticipated.

At the end of February, Tesla said it was moving to an online-only sales model and was closing most of its stores in order to slash vehicle prices by 6%.

The company stressed that its lowest-priced EV, the $35,000 Model 3, will not get a price hike. Given The Economist Intelligence Unit is forecasting consumer price inflation of 2.2% in the U.S., this is less than a 1% increase in real terms.

Tesla cut the prices in response to falling tax incentives for its cars, after the company reached the cap on the credits last summer.

In the first weekend of March, Tesla owners staged protests outside Tesla stores and Superchargers in some parts of Asia after the company had announced the massive price cuts, meaning that existing customers for some models in some counties have paid by up to 40 percent more for their Teslas before the price reduction.

The company gave no numbers, but said it would close only about half the stores that it had meant to.

Last week, Tesla announced it had secured as much as US$521 million in loans from Chinese banks to build a vehicle and battery factory in the country.

To soften the blow of the initial announcement, the company used projected savings to reduce prices across its range by around six per cent, while some models in Australia had prices slashed by around $80,000. Though the company noted that most orders occur through the Tesla website, that's probably a function of eager Tesla buyers willing to pull the trigger with not so much as a test drive.

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