Tesla is delaying a 3% price increase until Wednesday

Hollis Johnson/Business Insider

The Tesla Model 3.

• Tesla is delaying a 3% price increase on its vehicles until Wednesday, the automaker said on Tuesday.
• The delay resulted from "unusually high volume," Tesla said.
• The price increase will take place at midnight on Wednesday.
• The price increase applies to all vehicles except the $35,000 version of the Model 3 sedan and the upcoming Model Y SUV.

Tesla is delaying a 3% price increase on its vehicles until Wednesday, the automaker said on Tuesday.

The delay resulted from "unusually high volume," Tesla said. The price increase will take place at midnight on Wednesday.

Read more: SEC rebukes Elon Musk, says his tweet about Tesla vehicle production was a 'blatant violation' of court settlement

Tesla announced the 3% price increase, which applies to all vehicles except the $35,000 version of the Model 3 sedan and the upcoming Model Y SUV, on March 10.

The price increase followed a price cut that averaged 6% across the automaker's fleet. The price increase accompanies a partial reversal of the automaker's decision to close or repurpose many of its retail stores in an effort to shift sales online and cut costs.

"We have decided to keep significantly more stores open than previously announced as we continue to evaluate them over the course of several months," the automaker said on itw website. "As a result of keeping significantly more stores open, Tesla will need to raise vehicle prices by about 3% on average worldwide."

Have a Tesla news tip? Contact this reporter at mmatousek@businessinsider.com.

• Read more:
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• JPMORGAN: Tesla investors are ignoring the possibility that CEO Elon Musk will be forced out. Here's how they can protect against that worst-case scenario.
• Tesla's Model Y pulls from the Model 3's playbook
• Elon Musk just revealed the Tesla Model Y - and he's still the greatest car salesman who ever lived

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