Tesla Raising Prices On Most of its Cars

Electric car maker Tesla has decided to boost the price of most of its cars rather than close all of its nationwide chain of brick and mortar stores, the company announced.

Prices for most models, with the exception of its lowest priced and best selling Model 3, will go up by 3% on average worldwide. Current prices will remain in place for Models S, X, and the most expensive version of Model 3 will hold until March 18th.

Tesla apparently decided it was better to keep a few more physical stores open rather than close all of them, even if it means raising prices. The car maker stated it spent two weeks deciding whether to keep more stores open, or close all of the as it originally planned.

“When we recently closed 10% of sales locations, we selected stores that didn’t invite the natural foot traffic our stores have always been designed for,” said Tesla in a statement. “These are stores that we would have closed anyway, even if in-store sales made up our entire sales model.” Tesla decided that a few high visibility locations considered for closure would be opened with a smaller crew. Another 20% of its stores would be “under review” and would their status for possible closure would be considered in the next few months.

Tesla customers will continue to order their vehicles online. The stores are just for test drives, displaying their autos, and demonstrating how to order a Tesla.

Tesla has been in the news a lot lately, due to a slippage in stock prices for the automaker, and the continued battle between former CEO Elon Musk and the SEC over tweets that allegedly violated a settlement agreement between Musk and the agency.

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