Tesla Inc. said Monday that it plans to raise average vehicle prices by about 3% globally after reversing a decision to shut down most of its stores.
at the company with the store closings, and some investors and analysts feared the cost-cutting measures sent troubling signals about the state of the company’s sales and cash position.
Tesla stock was up 0.2% at $284.70 a share as of 7:10 a.m. PDT on Monday. The shares had been higher in pre-market trading, but they faltered after the company announced inthat it was issuing about $13.8 million in stock in connection with an acquisition of car-hauling trucks and trailers from Central Valley Auto Transport Inc., a carrier company near Visalia, Calif.
Musk, 47, has described the store wind-down announced Feb. 28 as a cost-cutting move that enabled Tesla to offer a long-promised $35,000 version of the Model 3 sedan, the automaker’s first mass-market vehicle. The company will continue to offer the car at that price and will increase the cost of other variants of the sedan. The Model S and Model X also will be made more expensive, and buyers will have a week to place orders before prices rise.
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