Tesla Motors Inc (TSLA) Expands Its U.S. Store Network

Tesla Motors Inc (TSLA) Expands Its U.S. Store Network

Tesla Motors Inc is perhaps the world’s best known electric car producer. The car maker operates stores and showrooms in a range of countries, including the USA, Britain and Norway. Tesla is now expanding its store network in the USA.

An article published on Fortune on the 04/08/2016 reports that Tesla is set to open its first outlet in San Francisco next week. San Francisco is in the State of California, the home of Tesla’s HQ and Fremont factory. This new store will be their largest to date, at 65,000 square feet. The store was previously a Lamborghini and Bentley dealership. The store’s grand opening is scheduled for the 12/08/2016.

The post on Fortune gave more info on the role of the store. It reads “Tesla will sell its Model S, Model X, and eventually the planned Model 3, electric cars out of the store, and will also use the space to educate consumers on electric car technology. Additionally, Tesla customers can have their cars serviced at that location. Unlike most auto makers, Tesla has long had a strategy to operate its own stores so that it can have company employees educate customers and market the electric cars. The idea is that because the technology is relatively new, potential customers need to experience and learn how the tech works. Some states, with powerful traditional auto industries, have blocked Tesla’s direct sales through stores.”

Tesla Motors Inc is transitioning from being a niche car producer, to a more diverse and mass market firm. The company has also been expanding its Supercharging network in anticipation of more of its cars on the road. They also recently opened their new Gigafactory, which is based in Reno, Nevada. The factory will produce lithium-ion batteries.

As the NASDAQ closed on the 04/08/2016, Tesla Motors Inc’s stock had gained by 2.13%, equivalent to $4.82. trading at $230.61 per share. The corporation currently has market cap of $33.43 billion.