Elon Musk says move means electric vehicle manufacturer can sell Model 3 for $35,000

Tesla is closing all of its stores in a cost-cutting measure, so it can lower the starting price of its Model 3 to $35,000 (£26,400).

Elon Musk, the billionaire chief executive of the electric car and technology company, said that a shift to selling online only was essential to make it financially viable to lower the current starting price of $42,900.

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Read More Tesla cuts car prices and shuts stores as it shifts to online-only sales

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