Tesla Motors Inc (TSLA) Expands Its Charging Network in USA

California based electric vehicle manufacturer, Tesla Motors Inc, is reportedly expanding its charging network in the USA. According to an article published on The Commercial Appeal on the 27/07/2016, Tesla plans to build a new super charging station in Memphis, Tennessee (at the Park Place shopping center.) The shopping center is owned by Loeb Properties, and it has been speculated that the stations will be in place by the end of 2016.

The article gave specific details regarding Tesla’s plans, reading “The company has filed an application with the Board of Adjustment, asking for a variance to permit a charging station at 1203 Ridgeway Road and to permit the station to be set back less than 100 feet from Ridgeway.The board is to consider the request during its next meeting, 2 p.m. Aug. 24 at Memphis City Hall. The plan is to build a charging station there that has eight stalls for up to eight vehicles at a time.”

Tesla Motors Inc has been expanding its charging network in anticipation of more EVs on the road, with the unveiling of its new, mass produced Model 3 on the 31/03/2016. The Model 3 has a starting price of just $35,000 (before any incentives or cuts.) So far, around 400,000 potential customers have paid a $1,000 reservation fee.

Tesla will be opening its Gigafactory, which is based in the state of Nevada, on the 31/07/2016. The facility will produce the lithium-ion batteries needed to manufacture a large quantity of vehicles.

Regarding the new charging stations, Shawn Gleason, installation manager at Tesla, has stated “The charging stations will be placed within an existing row of parking along Ridegway Road with the charge posts and electrical equipment placed behind the curb in an existing landscaped area.”

As trading ceased on the 28/07/2016, Tesla Motors Inc’s stock was up by 0.93% on the day, trading at $230.61, giving the corporation a market cap of $33.49 billion.