Tesla Inc TSLA is expected to begin taking orders from customers in Israel in a matter of days, according to local media reports.
What Happened: The Elon Musk-led company has obtained a license that allows it to begin full import operations with no cap on volumes, Israel’s Globes newspaper reported Monday — citing people familiar with the matter.
Tesla is looking at sites for its charging stations and the requisite formalities for setting up the necessary infrastructure in the Middle Eastern country.
The Palo Alto, California-based automaker will initially market its Model 3 vehicle in Israel, which is expected to be priced at NIS 250,000 - NIS 350,000 ($77,908 - $109,071) depending on the version, as per local media.
Why It Matters: Previously, Tesla operated in Israel as a “small importer,” which meant it could only import up to 20 vehicles — mainly for testing purposes, as per Globes.
Tesla is reportedly the first automaker to have obtained a license in the country for direct importing and marketing of vehicles, without partnering with a local dealer.
Last week, India’s transport minister said Tesla would mark its entry into the country this year where its entry-level sedan would likely be priced at $74,559.
Price Action: Tesla shares closed nearly 3.4% higher at $729.77 on Monday and gained 0.52% in the after-hours session.
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