Tesla (TSLA) to Begin Sales in China
Shares of Tesla Motors Inc. (TSLA) closed up +1.47 or +0.68 percent to $216.93 per share on Wednesday in active trading. The company announced late yesterday that it would begin selling its luxury sedans in China. Tesla co-founder, Elon Musk will travel to China to personally initiate the program. Teslaâ s entry into the Chinese market is part of a larger plan to increase production of its Model S sedan by 56 percent in 2014.
Palo Alto, California based Tesla Motors Inc. produces two fully electric powered automobiles at the companyâ s single plant in Freemont, California. The Tesla Roadster and the Tesla Model S, the first fully electric sports car and luxury sedan ever produced. Tesla Motors also markets electrical components to other automakers such as Daimler and Toyota (TM
). These include electric powertrain components and lithium-ion battery packs used in electric and hybrid models. Tesla is hoping for China to be one of its biggest markets, the Model S will appeal mostly to the Chinese upper classes, but charging options in the country must be further developed to ensure the automobileâ s success. The Model S will be priced at 734,000 Yuan or about $120,000, with the company expecting to sell its first model later this month. Simon Sproule, Teslaâ s vice president of marketing and communications speaking about the companyâ s entry into the Chinese market said, â
Published on Apr 10, 2014
By Jay Hawk