The shares slumped in early trading Friday as the perennial debate between Elon Musk's believers and naysayers intensified after the company laid out plans including a US$35,000 Model 3 sedan, price cuts across its higher-end Model S and Model X, the closing of its sales stores and job cuts.
The electric carmaker on Thursday launched a Model 3 at a before-savings price of $35,000.
The Standard Range Plus, which will cost $37,000 (£28,000), features 240 miles of range, a 140mph top speed, and a 0-60mph time of 5.3secs.
"For 6% more money, you get 9% more range, more power, and an upgraded interior", the company says.
The new Model 3 "Standard Range" will go 220 miles between recharges, get from 0-62mph in 5.6 seconds and top out at 130mph.
Gairns said: "Tesla's announcement that they are closing most of their retail outlets will force the whole industry to accelerate the move to online auto sales and is yet another example of where the industry is following behind other sectors such as finance, retail and electronics".
It makes sense here that Tesla is looking to boost demand of its Model 3.
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When Tesla's Elon Musk noted that he would be producing an entry-level product, he said that it would start at $35,000.
After delivering a scare to Tesla shareholders late Monday by continuing to openly tussle with the U.S. Securities and Exchange Commission over his tweeting, the CEO seemed to send the stock climbing with cryptic posts about news coming Thursday. The important thing for customers in the United States to understand is that, with online sales, anyone in any state can quickly and easily buy a Tesla.
Tesla is still a long way from fully releasing its cars' full open-source programs and Linux operating system code, but it's on its way. Over the next few months, we will be winding down many of our stores, with a small number of stores in high-traffic locations remaining as galleries, showcases and Tesla information centers. Now people can place a $1,000 deposit on their Tesla and drive it for up to 1,000 miles and still be eligible to return the vehicle if they don't like it. Tesla is also working to streamline its deposit refund process to make this change run more smoothly for customers.
Coinciding with the Model 3 Standard Range reveal, Musk also announced that Tesla is shifting to online sales only. If they can cut costs enough to absorb the marginal impact of reducing the Model 3's price by nearly 20 percent, all while boosting demand and keeping its newly optimized production lines busy then its a win-win. "There's no other way for us to achieve the savings required to provide this vehicle and be financially sustainable".
In addition, we are also making the decision to shift all sales worldwide to online only.
"I used to think very highly of him", said Ochoa, who worked for Tesla for four years.