Tesla Motors Inc (TSLA) Expanding Store Network

According to sources, California based electric vehicles manufacturer, Tesla Motors Inc, is set to open a new store at the Chadstone shopping center in Melbourne. Reports suggest that this new retail store will open later this year, in October 2016.

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An article published on Gizmodo on the 15/08/2016 gave further details. It reads “Tesla is planning to open the doors on its first integrated retail store at Chadstone Shopping Centre in Melbourne this October. On display will be the Model S and the soon-to-be released Model X, as well as Tesla branded merchandise — we’re taking polos, jackets, drink bottles and handbags.”

Tesla Motors Inc already operates outlets in Sydney (in Richmond, Lower North Shore Sydney & Sydney’s Martin Place.) Tesla has been opening several new stores across the U.S and internationally. The car maker has also been expanding its supercharging network, in anticipation of more Model 3 EVs being on the roads.

The Model 3 was unveiled on the 31/03/2016, and it is their first vehicle aimed at the mass market. CEO of Tesla, Elon Musk, has said that Tesla aims to produce around 500,000 Model 3 EVs per year. The Model 3 has a price tag of just $35,000 (before any government incentives), making it much cheaper than other Tesla cars.

Tesla recently opened its Gigafactory in Reno, Nevada. The facility will produce thousands, potentially millions, of lithium-ion batteries. The batteries store electrical energy as chemical energy. A post on Tesla’s site gives more info on the factory, reading “Tesla broke ground on the Gigafactory in June 2014 outside Sparks, Nevada, and we expect to begin cell production in 2017. By 2020, the Gigafactory will reach full capacity and produce more lithium ion batteries annually than were produced worldwide in 2013.”

As the NASDAQ closed on the 12/08/2016, a share in Tesla Motors Inc was valued at $225.61,giving the corporation a market cap of $33.65 billion. In 2015, the firm generated a revenue of $4.04 billion.

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