Tesla to drop stores to focus on online sales

Tesla is largely abandoning its model of factory-owned stores, it said Thursday, turning instead to a online sales only.

The shift in retail strategy occurs as the electric-vehicle maker grapples to compete in a new world of lower-priced EVs. Tesla has announced plans to bring the $35,000 version of the Model 3 electric sedan to market as early as March.

“Over the next few months, we will be winding down many of our stores, with a small number of stores in high-traffic locations remaining as galleries, showcases and Tesla information centers,” the company said.