Thursday, 21 March, 2019


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

Tesla Changes Its Mind Over Store Closures, Raises Prices By 3% Tesla backtracks on decision to close stores, raising prices instead
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.

Recommended

loading...
...
  • Collins to Redskins for 6 years, $84M

    Collins to Redskins for 6 years, $84M

    The 2015 second-rounder has been named to the Pro Bowl the past three seasons and finished a year ago with 96 tackles in 12 games. Defensive coordinator James Bettcher used Collins primarily near the line of scrimmage this past season.
    US House Speaker Pelosi 'not for' impeaching Trump

    US House Speaker Pelosi 'not for' impeaching Trump

    Pelosi has previously said she would wait for the results of Mueller's report before making a decision on impeaching Trump . In February 2017, Pelosi said Trump's behavior is "strategically incoherent" but "not grounds for impeachment".
    Relaxed Fleetwood in lead with Bradley, Golf News & Top Stories

    Relaxed Fleetwood in lead with Bradley, Golf News & Top Stories

    Former PGA Championship victor Bradley fired a four-under 68 to seize a share of a 36-hole lead for the first time since 2013. The new Rules of Golf allow the flag to be left in for putts in the green, and most players leave it there on long putts.
  • Nvidia Wins Mellanox Stakes for $6.9 Billion

    Nvidia Wins Mellanox Stakes for $6.9 Billion

    It could, however, face some regulatory hurdles in China, where Mellanox has major customers such as Alibaba and Baidu. Microsoft and Xilinx, a US-based supplier of programmable logic devices, were also allegedly eying up the company.
    National Football League  free agency rumors: Raiders to pursue Le'Veon Bell

    National Football League free agency rumors: Raiders to pursue Le'Veon Bell

    The remaining tackles on New England's roster are Wynn, Marcus Cannon, Cole Croston, Dan Skipper and Ryker Mathews. According to ESPN's Adam Schefter , Brown is leaving New England for the Oakland Raiders in a record contract.
    Real Madrid Set To Reappoint Former Manager As Solari Moves Out

    Real Madrid Set To Reappoint Former Manager As Solari Moves Out

    Writing on his official Twitter account , he said: "As footballers, we like to do our talking on the pitch, but this season is not turning out that way".
  • UFC star McGregor arrested in Miami Beach

    UFC star McGregor arrested in Miami Beach

    McGregor faces charges of robbery and criminal mischief, both felonies, for the incident, which happened outside a famous hotel. According to an arrest report, McGregor and the fan were walking out of the resort, home to the LIV nightclub, just past 5 a.m.
    Captain Marvel: 20 Easter Eggs And References Explained

    Captain Marvel: 20 Easter Eggs And References Explained

    Videos like these are even more interesting when the character is as (relatively) obscure as Captain Marvel . Disney's "Rogue One: A Star Wars Story" has the 17th-highest launch frame with $155.1 million in 2016.
    Chance The Rapper gets married to his childhood sweetheart

    Chance The Rapper gets married to his childhood sweetheart

    News the special occasion took place on Saturday, at the Pelican Hill resort in Newport Beach, California . After welcoming their daughter Kensli in 2015, the pair split in 2016 before reconciling the next year.
  • Flights resume at Newark airport after Canadian plane makes emergency landing

    Flights resume at Newark airport after Canadian plane makes emergency landing

    At about 9 a.m., the airport closed all of its runways, but reopened them and resumed flights at about 9:30 a.m. Coleman advised passengers to check with their airlines about the status of their flight.
    Chiefs release veteran LB Justin Houston to free cap space

    Chiefs release veteran LB Justin Houston to free cap space

    Don't have a KC Star subscription? That left Kansas City with no choice but to release Houston. Houston had four career interceptions, returning one for a TD and 32 passes defensed.
    Did Ronda Rousey invite trouble following her latest outburst?

    Did Ronda Rousey invite trouble following her latest outburst?

    The Revival defend their titles in a triple threat against the teams of Aleister Black & Ricochet and Chad Gable & Bobby Roode. Well, WWE has already announced a total of nine promising matches (including the kickoff show) for the event.

J Lo and A-Rod make it a match in the Bahamas J Lo and A-Rod make it a match in the Bahamas Now, former Major League Baseball player Jose Canseco said that A-Rod allegedly has been cheating on J-Lo with Canseco's ex-wife. A year after Vindicated was released, reports revealed Rodriguez tested positive for banned substances during a 2003 drug test.

Celebs Dazzle at Akash-Shloka Post-Wedding Celebration Celebs Dazzle at Akash-Shloka Post-Wedding Celebration South superstar Rajinikanth was spotted with younger daughter Soundarya and her husband at the Ambani celebration. While Akash looked smart in a black kurta with a long embellished jacket, Shloka wore a golden ensemble.

Florida mom fatally stabs daughter, 11, drives dead body to hospital: cops Florida mom fatally stabs daughter, 11, drives dead body to hospital: cops Authorities said Rivera stabbed her daughter at least 15 times in a auto and drove her to Winnie Palmer Hospital in Orlando. Rivera (pictured after her arrest) allegedly confessed to killing the girl, who would have turned 12 on Thursday.

Nick Foles signs with Jacksonville Jaguars Nick Foles signs with Jacksonville Jaguars The financials of the contract are eye-popping, as Foles reportedly got $88 million over four years, with $50 million guaranteed. - Nick Foles is signing a 4-year, $88M deal with the Jaguars , according to FOX Sports who is citing multiple sources.

Rep. Omar thanks Fox for condemning Jeanine Pirro Rep. Omar thanks Fox for condemning Jeanine Pirro They do not reflect those of the network and we have addressed the matter with her directly. In a much earlier tweet , from 2012, Omar wrote that Israel had "hypnotized the world".

THE PRODIGY's Keith Flint Hung Himself THE PRODIGY's Keith Flint Hung Himself Flint had taken part in a 5-kilometer Park Run just days before his death, recording a personal best time of just over 21 minutes. He was described in a statement by Howlett and fellow bandmate Maxim as "a true pioneer, innovator and legend". "Sad, very sad.

Top EU official: Revised Brexit deal ‘is the best possible’ Top EU official: Revised Brexit deal ‘is the best possible’ Rumors are now swirling that May could try some parliamentary maneuvers to prevent any meaningful vote from taking place. This is far more likely, given that lawmakers rejected the deal in January by a historic margin of 230 votes .

Boat Collision With ‘Marine Creature’ Leaves 87 Injured in Japan Boat Collision With ‘Marine Creature’ Leaves 87 Injured in Japan Coast guard officials said the exact cause of the accident is now under investigation. Five passengers had to be airlifted to hospital but they remained conscious.

Algerian president withdraws bid for re-election Algerian president withdraws bid for re-election He was deposed in a bloodless military coup in 1965 that set the stage for a series of generals serving as presidents. Similar marches were held across the country.

Ex-Dolphin Danny Amendola to sign with Lions, according to reports Ex-Dolphin Danny Amendola to sign with Lions, according to reports The veteran wideout is in Detroit Monday taking a physical and as long as there are no complications, he will be a Lion. A fourth-round selection out of Arkansas back in 2015, Flowers has spent the past four seasons with the Patriots .

Confusion as DeSean Jackson says bye to team that hasn't cut him Confusion as DeSean Jackson says bye to team that hasn't cut him What that means for Nelson Agholor remains to be seen, as the Eagles could decide to move on from his $9.5 million salary cap hit. Jackson has made $44 million in his three seasons with the Jags and was released on March 8th for cap savings purposes.

Jaguar That Attacked Woman at Arizona Zoo Won't Be Put Down Jaguar That Attacked Woman at Arizona Zoo Won't Be Put Down Wilkerson captured video of the panicked woman in the aftermath of the attack, which was widely distributed to the media. We can promise you nothing will happen to our jaguar.

Missing Catherine Shaw: Body found in Guatemala Missing Catherine Shaw: Body found in Guatemala A fundraiser has been set up to help find Catherine , with almost $10,000 raised in three days to fund her safe return. Ms Shaw had been travelling in the central American country for two weeks with a friend.

North Korea 'missile launch' plans under scrutiny as concern mounts North Korea 'missile launch' plans under scrutiny as concern mounts He delivered that message in a letter addressed to an assembly of party members tasked with honing the people's loyalty.

Wales survives Scotland fightback, keeps Grand Slam hopes alive Wales survives Scotland fightback, keeps Grand Slam hopes alive Wing Darcy Graham also came off against the Welsh but could feature while Steyn, 25, is an option to replace Seymour. Less than two minutes after the restart the visitors were in front thanks to a wonderful finish from Josh Adams.