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Charles Kennedy

Charles Kennedy

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Tesla Prepares Massive Retail Expansion Worldwide

Tesla looks to significantly expand its retail and sales presence in North America, China, and other countries, as it is gearing up for increased sales over the next years, Electrek reports, citing job listings and sources.

Tesla, which has backtracked on its idea from last year to sell cars only online, is now looking to open retail locations in Tucson, Arizona, El Paso, Texas, Milwaukee, Wisconsin, and Smithtown, New York.

The U.S. electric vehicle maker also wants to open a store near Montreal in Canada, as well as in Singapore.

China will be the main focus of Tesla’s retail presence outside North America.  

In early January this year, Tesla delivered its first cars to customers from its newly built Gigafactory in Shanghai, just a year after it broke ground on the site for the construction.

Sales in China of Tesla’s electric vehicles made in China rebounded to hit a record in May, five months after the first cars from the Shanghai Gigafactory were delivered to customers.

“Model 3 has received a strong reception in China, not only becoming the bestselling EV, but also competing with mid-sized premium sedans, such as BMW 3- series and Mercedes C- (even before subsidies and vehicle tax), reduced operating costs and industry-leading standard equipment,” Tesla said about its Shanghai operations in the Q2 2020 update last month.

Tesla’s revenues in China doubled to US$1.4 billion for the second quarter of 2020, from US$690 million for Q2 2019, the company said in an SEC filing last week.

Globally, Tesla Model 3 was the best-selling EV in June, with more than 35,800 Model 3s sold in June and over 142,340 Model 3 sales year to date, with a market share of 15 percent, according to EV Sales.

Despite factory shutdowns due to the pandemic, Tesla reported last month a surprise net profit for the second quarter, beating analyst expectations and reporting its fourth consecutive quarter of net profits.   

By Charles Kennedy for Oilprice.com

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