(AP) — 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.READ MORE: Northwestern University Bans All Social Activities At Campus Fraternities Until At Least Mid-October After Reports Of Drugging
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 $44,000. Musk believes the mid-$30,000 range is the sweet spot.READ MORE: Evanston Police Called To A Stabbing, Fatal Shooting Incident
According to the company’s website, there are five Tesla showrooms in Illinois, all in the Chicago area.
Tesla Inc. tumbled eight percent Friday.MORE NEWS: Family Remembers Azul De La Garza, Young Woman Shot And Killed In West Elsdon, As 'Beautiful Soul' With A Future In Art
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