Tesla defies convention and pays for it as shares slide

Tesla defies convention and pays for it as shares slide
In this July 6, 2018, file photo, prospective customers confer with sales associates as a Model 3 sits on display in a Tesla showroom in the Cherry Creek Mall in Denver. Tesla is suffering one of its worst sell-offs of the year after announcing it would begin closing all of its stores in favor of selling its electric cars exclusively online. The goal is to allow Tesla to lower the price of its Model 3, the vehicle that CEO Elon Musk envisions as the company's first mass-market vehicle. (AP Photo/David Zalubowski, File)

Tesla is suffering one of its worst sell-offs of the year after announcing it would begin closing all of its stores in favor of selling its electric cars exclusively online.

The goal is to allow Tesla to lower the price of its Model 3, the that CEO Elon Musk envisions as the company's first mass-market vehicle.

The last time the Tesla shares were hit this hard was on Jan. 18, also following actions by Musk intended to lower the price of the Model 3. On that day, Musk said 7 percent of Tesla's workforce would be let go.

The base price for the Model 3, Tesla's cheapest car, is now $35,000. Musk believes the mid-$30,000 range is the .

Tesla Inc. tumbled 8 percent Friday.


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mqr
Mar 01, 2019
Intelligent behavior is not average. Tesla is not building for the average person, even less for the average American. To build for the average American, their cars should drive with coal, have seats to carry bodies of 300+ pounds, huge tv for each occupant, the gadgets without words or numbers (to avoid reading), and a huge screen on the top of the car to indicate the race of the people riding it.

Mar 02, 2019
Oh, my. Reading your comment I sense that I am in the presence of a Superior Person. Most impressive!

Mar 03, 2019
I call bs on this. Looking at its price chart the current "sell off" is no bigger, maybe even small in comparison to, any other price move up or down for the past three years.

Mar 03, 2019
Intelligent behavior is not average. Tesla is not building for the average person, even less for the average American. To build for the average American, their cars should drive with coal, have seats to carry bodies of 300+ pounds, huge tv for each occupant, the gadgets without words or numbers (to avoid reading), and a huge screen on the top of the car to indicate the race of the people riding it.

Why does that remind me of the Simpson's Canyonero. :P

Mar 03, 2019
Wait 'til the sewage rope gangs get to Montana. These idiots have fomented a civil war and now we will have it. Denying global warming will get you hung up by your feet over a septic pool made by global warming, waiting for the tide.

Mar 03, 2019
Tesla is suffering one of its worst sell-offs of the year after announcing it would begin closing all of its stores in favor of selling its electric cars exclusively online.


Tesla is damned if they do and damned if they don't, so I have learned to take negative articles in stride. It is comical to read articles essentially asserting it is impossible to sell things online when Amazon is one of the world's most valuable companies and Jeff Bezos is the world's richest person. Tesla is right, this is a far more cost effective way to sell vehicles and one that the other car companies will have difficulty replicating because of their dealer agreements. This is a HUGE competitive advantage for Tesla.

For the record, I took delivery of my Tesla Model 3 AWD without a test drive. It is the best vehicle I have ever owned, by far.

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