Saturday, 23 March, 2019

Tesla will only sell its vehicles online going forward

Tesla shares are well below the equity conversion rate Tesla shares are well below the equity conversion rate
Lloyd Bates | 02 March, 2019, 05:10

Tesla no longer discloses the number of reservations, but many analysts believe those on the list are still waiting for this cheaper version.

But the company said Thursday that the standard Model 3, which will have a range of 220 miles, was now available for order. He said some stores would remain, but they would be converted to galleries and information centers, CNBC reports.

Tesla is now offering two software packages; regular autopilot, at a cost of $3,000 (£2,270) which will allow for automatic steering on highways or full self-driving ($5,000) which takes over more functions, such as changing lanes, navigating junctions and taking exits.

However, some analysts and investors question whether Tesla closing most of its 250 stores was the panicked decision of a company seeking to build the lower-cost model profitably. However, in a posting to the company's blog and in an email to employees made publicly available, Tesla CEO Elon Musk explained that in order for the company to be able to both offer the vehicle at this low a price and to remain financially sustainable, it has become necessary to close most of the company's well over one hundred stores, which we estimate could result in another round of potentially thousands of lay-offs (it dismissed 7% of its full-time staff just last month), along with restructuring charges and severance pay...

The firm already has a much smaller physical presence in the United States than most other auto companies.

The online sales shift will enable Tesla to lower all vehicle prices by 6 percent, on average, including its higher-end Model S and Model X.

Although he said going online only was a hard decision, Musk said it was the right thing to that. In January it had said it was "optimistic" about being profitable in every quarter of 2019. That could help win some people over, particularly since you'll get a chance to learn over a few days or a thousand miles if you're truly comfortable with the vehicle before you decide to actually buy it.

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That is particularly true of younger, technologically fluent consumers who already are accustomed to buying nearly everything at Amazon and having it delivered to them quickly, said Karl Brauer, executive publisher of Kelley Blue Book.

Musk told the world there was news on the way via his preferred medium of obscure Twitter posts.

Tesla CEO Elon Musk sent an email to staff about the company's shift to online-only sales and warned there will be job losses for sales and marketing staff. But Caldwell said the seven-day return policy is a way that buyers can be sure they're not making a mistake.

However, anyone speccing a new Model 3 won't be doing it in a Tesla Store.

Elon Musk recently stated Tesla could be producing 3 million EVs a year by 2023. Shares of Tesla fell 3 percent in after-hours trading.

In a call with reporters Friday, Musk declined to say exactly how many dealerships would close or when, the Associated Press reported.

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