TSLA Stock 2.7% Down, Tesla Announces Massive Supercharger Expansion in China

UTC by Muhaimin Olowoporoku · 3 min read
TSLA Stock 2.7% Down, Tesla Announces Massive Supercharger Expansion in China
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Tesla has major plans for expansion in China, Germany and the United Kingdom. Meanwhile TSLA stock is down today, trading at below $860.

Electric-car pioneer manufacturer Tesla Inc (NASDAQ: TSLA) has a lot going on in regards to growing its market across the globe. Among the plans that the company has revealed are rather ambitious ones. For example, Tesla wants to install 4,000 Superchargers in China before the end of 2020, rework plans for its factory near Berlin to appease environmental critics and make sure it’s first European outpost can start producing cars in few months. Rumors are also making rounds that Tesla is working with the British government. Both are planning to get a location where the electric-car manufacturers can begin making electric cars in the country.

Meanwhile, Tesla (TSLA) stock as at press time was on a downward trend plunging by 2.77%. Now it is trading at $858.51. However, it opened trading at $889 today, having closed on Wednesday at $882.

Tesla in China

Tesla has been taken the market in Chine very seriously, says Wu Shuocheng, an independent car analyst. Reportedly, Tesla, in the last five years, has deployed more than 2,500 Superchargers stalls in more than 100 Chinese cities.

The market for electric vehicle charging in China remains lucrative as the government has continued to deploy electric vehicle charging infrastructure. Tesla, for a start, also relied on the local charging port standard to take advantage of the network. However, demand for electric vehicle chargers in the country remains in demand.

Electric Carmakers in Germany

The firm’s factory close to Berlin, according to government sources, is reworking plans to address environmental issues in the community. It has faced a lot of criticism as a result of residents regarding deforestation and water usage related to the plant’s construction.

The electric car makers, however, are ready to make amends regarding this issue by reducing the amount of fresh water required and wastewater created, said Joerg Steinbach, the economy minister in the state of Brandenburg.

Tesla is primarily moving to Germany to provide competition to carmakers in Germany like Mercedez-Benz, Volkswagen, BMW, etc.

Tesla and the UK Government 

With the firm’s expansion project in Europe, rumors have it that the firm and the UK government are preparing to get a location where the electric carmakers will set up its factory. After revealing that the firm’s factory in Germany would be in Berlin, Elon Musk CEO said Tesla looked into the UK as a possible location but found it to be “too risky.”

However, Property Week reports that the Department for International Trade (DIT) requires a four million-square-foot site for Tesla to build an “electric vehicle (EV) research, development, and manufacturing plant.”

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Muhaimin Olowoporoku

Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.

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