Elon Musk has said sales of the Model 3 electric car are essential to the California-based firm's survival.
Musk didn't give a number of stores that will be closed or employees who will be laid off, adding:"That isn't today's topic."Tesla will offer the standard base Model 3 for $35,000, which can go 220 miles per charge.
It also will offer a $37,000 version with a premium interior that accelerates faster and can go 240 miles per charge. The company started taking orders for the Model 3 in March 2016, but until now hasn't been able to cut costs enough to sell them for $35,000 and make a profit. Mr Musk said:"This is the only way to achieve the savings for this car and be financially sustainable.Image:Tesla also pledged to make test drives easier, allowing buyers to return a car within seven days or 1,000 miles for a full refund.
The company said:"Quite literally, you could buy a Tesla, drive several hundred miles for a weekend road trip with friends and then return it for free."Tesla said its online sales shift will let it lower all vehicle prices by 6% on average.Shares of Tesla fell 3% in after-hours trading.
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