TSLA in Talks With Sinopec for Tesla Charging Stations Across China

by Burke Speaker | April 14, 2014 9:25 am

Chinese media are reporting that Tesla (TSLA[1]) CEO Elon Musk will be visiting China later this month in an effort to push for Tesla charging stations across China.

tesla-tsla-stock[2]Musk will reportedly meet with officials from Sinopec (SNP[3]) — also known as China Petroleum & Chemical Corp.– to build charging stations in the company’s service-station network.

Insiders say that Sinopec would be the perfect partnet, as it’s one of China’s largest refiners — with SNP potentially building the recharging stations in Beijing first before expanding.

The news was first reported by 163.com.

Tesla has already set the stage for such a plan — pricing its Model S in China at such an attractive price that the news spread like wildfire on Chinese social media.

And CEO Musk had already had plans to visit the Communist country as sales were set to begin this month.

If a partnership happens, it’s something that would likely be quickly pushed ahead by government officials in the country.

As it continues to develop its cities and taps heavily into its energy resources, China is being plagued by rising pollution — something that party officials have already identified as a challenge.

The government has even encouraged the use of clean-energy vehicles — which is hampered by the lack of readily available charging stations nationwide.

The Tesla charging stations would be embraced by the government — especially with the partnership.

TSLA stock is up 2.3% pre-market.

  1. TSLA: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSLA
  2. [Image]: https://investorplace.com/wp-content/uploads/2012/03/Tesla185.jpg
  3. SNP: http://studio-5.financialcontent.com/investplace/quote?Symbol=SNP

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