Tesla Reverses Decision To Close All Of Its Stores, Increases Vehicle Prices


March 14, 2019 will be the official unveiling event at the Tesla Design Studio, Hawthorne, California. Later on, Sunday (March 10th), the company said that they would be closing only half of their stores, they had initially planned to shut down, as the company had been exploring the options of cutting overhead and shifting their whole distribution network online, a move which was widely criticized. A combination of sustainable cars with great features and looks is a promise for a better future, and Tesla has taken it seriously.

Oh, and come back Thursday for the reveal of the upcoming Tesla Model Y compact SUV.

The top US securities regulator received permission from a federal judge on Tuesday to respond to Tesla Inc Chief Executive Elon Musk's arguments that his Twitter post about the electric vehicle maker's production volume did not violate his recent fraud settlement.

One of the biggest challenges with Tesla cars reaching the masses has been their high price.

Musk now says he expects Tesla cars will be able to operate without any driver intervention by 2020.

Elon Musk will unveil Tesla's fourth major vehicle, the Model Y, at an event in Los Angeles this evening. Earlier, the company has been making 4,000 to 5,000 Model 3 cars in a week, but in Fremont, Tesla is now aiming to raise the production to 7,000 per week.

"I think we will be feature-complete full self-driving this year, meaning the auto will be able to find you in a parking lot, pick you up, take you all the way to your destination without an intervention - this year", Musk said in an interview with ARK Invest.

"How else can you view it except to see it as a remarkable example of lack of foresight or planning?"

The decision to close down all of its retail stores and move to an online-only sales model surprised numerous company's employees and investors, with some investors dumping the company's shares as its "growth" aura was rapidly deflating.

Messages were left Monday seeking comment from a Tesla spokesman. However, this could help Tesla get more units of the Model Y out on the road, something which has been a major worry for the company with the Model 3.

That doesn't mean every Model Y will be made in America.

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.