By Neal E. Boudette
March 6, 2019, 313
“Tesla’s sleek stores embodied its green vision for upending the transportation and energy business: a one-stop shop for electric cars, solar panels and battery storage. Less than three months ago, the company announced 11 new store locations across the country.
Now Tesla is in retreat, shuttering most of its stores in a bid to cut costs. The move signaled the broader vulnerabilities of an upstart that for a time was the most highly valued American car company.
A spate of price cuts in the United States points to a slowdown in sales, and the company says it is currently making cars for Europe and China only. But plans to bring the company’s mass-market car, the Model 3, to overseas buyers have been hamstrung by logistical challenges.
A long-promised $35,000 version of the Model 3 is finally being offered, but the price will test the company’s profitability. Tesla now expects a loss in the first quarter, rattling investors’ faith in the company and its enigmatic founder, Elon Musk. In recent days, its shares have tumbled more than 13 percent.”