Musk announces a $35,000 Model 3, closure of most retail stores, and a no-profit quarter [Los Angeles Times (CA)]
Tesla, Inc. (TSLA)
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Source: Los Angeles Times
Three years after he promised to sell an all-electric Model 3 mass-market sedan for $35,000 before incentives, Elon Musk may finally be coming through. The Tesla Inc. chief executive announced Thursday the company will immediately start taking orders for the lower-priced, 220-mile-range version of the car, with the company website promising delivery in two to four weeks. In a conference call with reporters Thursday, Musk also said the company won’t be profitable in the first quarter of 2019, as promised. He also announced a the widespread closure of most of the company’s retail outlets. The company will move to an online-only system for car sales. Retail stores will be converted into galleries and information centers, Musk said. He didn’t say how many stores will close. Questioned about job cuts, Musk said “That’s not today’s topic.” Ordering a car at Tesla requires a $2,500 prepayment, meaning the move could help the company preserve cash to help it pay off debts and meet current exp
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