Tesla backtracks on decision to close stores, raising prices instead

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Now, however, the company has backtracked, saying in a blog post that it has taken a close look at each of its stores and realized it makes more sense to keep a lot of them open.

The auto maker said that in the end, around half of its stores will close, with the 3 percent price increase needed to cover the costs of the remaining stores' footprint.

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.

Potential Tesla vehicle buyers will have a week to place orders before prices rise for the Model S and X, the company said Monday. There will be no price increase to the US$35,000 Model 3.

Elon Musk noted then that Tesla has moved from "production hell" to "delivery logistics hell", referencing the company's struggles to get the vehicles it was producing to delivery centers where they can be picked up by their owners.

Also Monday, a NY attorney announced that Tesla's former chief of security has filed a whistleblower complaint with the U.S. Securities and Exchange Commission.

WR Jackson says goodbye to Bucs in IG post
These reports came to light just hours before teams can legally tamper with free agents, starting at 12:00pm EST. The veteran defender signed a six-year, $85.5-million contract with the Jacksonville Jaguars in March 2016.

The carmaker said the 3% price rise would not apply to the new mid-market Model 3. To pay for this, the EV maker is raising the price of its cars by about 3 percent on average worldwide on March 18.

The silver lining: This will happen for all vehicles except the $35,000 Model 3.

Tesla Inc chief executive Elon Musk shot back against the U.S. financial regulator on Monday, arguing in a filing that a recent tweet about the electric vehicle maker's production volume did not violate the court's judgment and there is no basis to issue contempt against him. Attorney Andrew Meissner said in a statement that Sean Gouthro provided information about Musk's August 7 tweet that he had the financing to take the company private at $420 per share. The only exception will be the base Model 3, known as the Standard Range, which will keep its $36,200 starting price.

The three percent increase on its top-end cars would be the first hike in prices after a series of cuts over the past year aimed at offsetting a reduction in green tax credits and the impact of rising tariffs overseas. The company plans to keep a small number of cars onsite for potential buyers to test drive, but said that its 7-day, 1,000-mile return policy acts as a trial period for a buyer.

Buyers with existing reservations have a week to place their orders before the new price increases take effect.

Shares of the company, among Wall Street's most volatile in recent months, were roughly flat in early trading on Monday.

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