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the Tesla model for the masses promised about three years ago when fans camped out for it is finally here the electric car company said on Thursday it would offer a version of its model three sedan at thirty five thousand dollars up to now it only sold more expensive versions far above forty grand the price drop the third one in recent months could raise concerns about profits on a conference call Thursday musk said Tesla wouldn't turn a profit in the first quarter but would return to profitability in the second shares of Tesla fell over three percent in after hours trading test also said it'll be closing many of its retail stores to help cut costs and said sales would now be online only that's a dramatic shift for the company that has prided itself on its boutique retail stores in June twenty seventeen musket pledge to increase the number of stores saying they had quote barely touched the surface of what was possible and in the fourth quarter of last year test the said it recently opened twenty seven new locations bringing the total of stores and service centers to three hundred seventy eight the announcement comes the same week CO you line must got in hot water with government regulators again over a tweet about the company's manufacturing outlook the U. S. securities and exchange commission asked the judge to hold musk in contempt for violating the terms of a settlement with the agency which said must cannot make material statements without first having them that it internally musk settled with the SEC in October over a tweet that the agency said misled investors and amounted to security fraud