TSLA: Tesla to Build Cars in China

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Speaking in Beijing, Tesla Motors (TSLA) founder and CEO Elon Musk said that Tesla would begin producing cars in China in the next several years. TSLA shares jumped about 6% in Tuesday morning trading.

Tesla Motors Model S 630

Musk observed that “China is very important” to Tesla’s future plans. He added that TSLA would begin building cars in China “at some point in the next three to four years.” TSLA has begun delivering the first Model S cars ordered by Chinese customers, CNNMoney notes.

In order to support anticipated growth in TSLA’s Chinese sales, Musk also said that, by 2015, TSLA would build a battery charging and service network across China.

Chinese consumers pay about $115,000 for each Model S vehicle. Tesla had previously indicated plans to kick off deliveries of Model S cars in China with a personal visit from Musk.

TSLA is looking to expand its international sales and sees China’s emerging middle class as a prime market for its luxury electric cars.

On Monday, TSLA stock closed at $204.38 a share.

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Article printed from InvestorPlace Media, https://investorplace.com/2014/04/tsla-tesla-build-cars-china/.

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