Tesla raising prices, keeping stores open

Tesla raising prices, keeping stores open
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Tesla on Sunday announced that it will raise the prices of some of its vehicles after deciding to keep more retail stores open than previously planned.

The electric car manufacturer said in a statement that its high-end models would see a 3 percent price hike after the company decided to "keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months."

The company said that its lowest priced and newest car, the $35,000 Model 3, will not experience a price increase.

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Tesla had announced last month that it would be moving sales online and shuttering most of its retail locations in order to keep the Model 3 price low, but they are now backtracking on that strategy.

The carmaker said potential buyers will be able to place orders at the old prices until March 18.

All sales will still occur online or over the phone, and stores will be kept open to display the cars and provide customer assistance.

Tesla did not specify how many of its 378 stores and showrooms will now stay open. It said it will now "only close about half as many stores" as previously planned.