Displaying items by tag: Car

Tesla to increase prices and keep several stores open

Written on Tuesday, 12 March 2019 07:59

Tesla is planning to increase prices by 3% on all cars except for the new mid-market Model 3.

Recently, Tesla said it would close down several stores in order to pay for a cut in the price of the Model 3 in the US to USD $35,000. The amount of stores to be closed down were not previously specified but Tesla has said that it now plans to close down “about half as many” stores as it makes half the cost savings.

The car manufacturer stated that if more stores were to be kept open, then the prices of their vehicles would have to increase by an average of about 3% worldwide.

Tesla has 378 stores and service locations worldwide but did not identify which ones would be closed.

A company spokesperson stated: “Over the past two weeks we have been closely evaluating every single Tesla retail location, and we have decided to keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months.”

Tesla is planning to conduct online purchases which they claimed would take just a few minutes. The company said that buyers in store will be shown how to buy a Tesla online through their smartphones. They previously stated that if online sales were to increase, it would cause prices to decrease by an average of 6%.

In an attempt to convince customers to purchase their cars online, they said that it had a “generous returns policy” whereby the customer will be able to return a car after 1,000 miles or within seven days. This has been done to significantly decrease the need for test drivers.

Tesla has also said that some of its recently closed stores that used to be in “high visibility locations” will be reopened but with smaller amounts of staff and less cars.

The previous year has been “the most challenging” year in Tesla’s history as a business. The company has been attempting to cut costs as much as possible. In January, they announced a 7% job cut, equating to 3,000 job cuts.

Back in January, company founder Elon Musk stated that the company’s cars were still “too expensive for most people”.

He has been subject to a great deal of controversy over his tweet. Last month, he was held in contempt of court upon the request of the US regulator, the Securities and Exchange Commission, for violating a settlement month which was aimed at limiting his usage of social media.

This issue is due to his previous tweets about the company’s financial situation and some tweets from august last year in which he claimed he secured funds to make the company private.

Mr Musk has until today to officially respond.

Published in Finance

Get your very own Transformer for $600,000

Written on Wednesday, 23 November 2016 09:09

A futuristic car which transforms into a robot is set to be unveiled at an exhibition that takes place at ADNEC in Abu Dhabi on November 23rd. The creation is the brainchild of Turkish company Letvision which have created this ‘auto-bot’ which has been named the Antimon. It is a red BMW E92 that turns into a robot in approximately 30 seconds.

It is the star attraction at ‘The Big Boys Toys’ exhibition that will allow fans of the Hollywood blockbuster Transformers see a car morph into a robot in front of their own eyes. However, the car does not come cheap – if you wish to purchase this futuristic mean machine it will cost you an eye-watering $600,000. Bids will begin at $600,000 which was the original cost of the car, but it is expected to go for more than that at auction.

The car was designed and developed by a skilled team of engineers – with twelve engineers and four technicians working on the innovative project over a period of eight months, and it will be won’t be the last as the company plan on developing 300 such cars per year - that will have more features and technology.

Those considering purchasing the vehicle with aspirations of test driving it on Sheikh Zayed Road will be ultimately left disappointed as the Antimon is remote-controlled – with no seats inside with a maximum speed of 20kph. But let’s not forget that Optimus Prime, sorry the Antimon turns from a car into a robot!

A spokesman for Letvision confirmed that there will be eleven cars joining the fleet in the forthcoming months. “Since it’s the first of its kind, we will auction Antimon to any buyer who wants to be the owner of the world’s first transformer. “Bids will start at $600,000, which is the original cost of the car, but there will be eleven more cars being made in the next number of months.”

Published in Gadget