Tesla Chief Executive Elon Musk caught many employees by surprise with his announcement last week that the electric-car maker would close most of its physical stores and shift to online-only sales, according to three people familiar with the matter.
Tesla suggested brick-and-mortar retail was important in its annual report filed nine days before CEO Elon Musk announced a pivot to online sales. Above, a Tesla showroom.
Musk’s abrupt move shocked Alex Chalekian, the founder and CEO of Lake Avenue Financial in Pasadena. The firm, which manages more than $150 million in client assets, sold all of the Tesla stock held for advisory clients Friday. “Our Tesla stores and galleries are highly visible, premium outlets in major metropolitan markets, some of which combine retail sales and service,” Tesla said in its Feb. 19 10-K filing. “Opening a service center in a new geographic area can increase demand. As a result, we have complemented our store strategy with sales facilities and personnel in service centers to more rapidly expand our retail footprint.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk plans to announce some Tesla news on Thursday — here’s what Wall Street is expectingThe billionaire's spat with the SEC has created a buying opportunity, one analyst said.
Read more »
Elon Musk said Tesla will probably not be profitable in the first quarter of 2019Tesla CEO Elon Musk said on Thursday that the automaker will likely not be profitable in the first quarter of this year.
Read more »
Elon Musk says Tesla will soon start selling its $35,000 Model 3Musk promised the low-cost version three years ago.
Read more »
Tesla finally launches $35,000 Model 3, and moves all sales onlineTesla’s Thursday announcement turned out to be making good on its longstanding promise to offer a Model 3 for $35,000.
Read more »
Elon Musk thinks layoffs will keep Tesla profitable as $35,000 Model 3 arrivesNearly three years after Elon Musk promised a $35,000 Model 3 electric car, Tesla Inc. has finally delivered. Now, the question is about the promise of profitability Musk has been making for the past few months.
Read more »
Elon Musk says Tesla will probably not be profitable in the first quarter of 2019Tesla CEO Elon Musk said on Thursday that the automaker would likely not be profitable in the first quarter of this year.
Read more »
Why Elon Musk Should List Tesla Shares In GermanyInstead of taking Tesla private, Elon should list Tesla in Germany. In Germany he can have regulatory carte blanche, and can tweet anything he wants with no retribution – no matter how fraudulent. Moreover, short sellers and press critics would likely be investigated the moment they speak out.
Read more »
The 'un-iPhone moment' — here's what analysts had to say about Tesla's new Model 3Analysts were unimpressed after Tesla CEO Elon Musk announced a cheaper Model 3 yesterday afternoon.
Read more »
Why Elon Musk Should List Tesla Shares In GermanyInstead of taking Tesla private, Elon should list Tesla in Germany. In Germany he can have regulatory carte blanche, and can tweet anything he wants with no retribution – no matter how fraudulent. Moreover, short sellers and press critics would likely be investigated the moment they speak out.
Read more »