Coming Mid-2016: A Tesla Factory In China
Tesla Motors Inc (NASDAQ: TSLA) CEO Elon Musk delivered an update to Engadget that his company is eyeing China as a new factory location, with a goal date for mid-2016. Musk also revealed that Tesla is "doing reasonably well," to Engadget on Monday, ahead of his attendance at the Hong Kong technology forum Tuesday.
Shares of Tesla traded up 1.29 percent, or $2.58, during the last Friday's trading session.
The China Prospect
It was reported, "without revealing specific sales figures," Musk told Engadget his business is "doing reasonably well" in Mainland China, and he is looking to "lock down" manufacturing plans by "finding a local partner and a location for the plant -- for the local market by middle of this year."
Presently, Musk's company has 15 operating stores in seven major cities throughout Greater China, with more than 340 superchargers and over 1,600 destination chargers. It was also reported that Hong Kong has 42 Tesla superchargers. Last year, the company sold 2,221 Model S vehicles in Hong Kong alone, accounting for 80 percent of local electric vehicles in 2015.
Tesla's stock presently has a market cap of $26.47 billion. The company's stock has declined 24.37 percent since July 27, 2015, and is on a downtrend. The stock has underperformed the S&P500 by 11.64 percent.
Tesla was last seen trading down 1.50 percent at $199.70.
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