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Tesla Motors Inc (TSLA) Speeds Up Work On Charging Network in China

Tesla Motors Inc (NASDAQ:TSLA)

Tesla Motors Inc  is working to increase the number of its charging network in China. The U.S. electric car maker is speeding up the building of its charging stations in the country, installing more power charging posts that take one hour to charge a car, according to a report from China Daily. Tesla is reportedly building a $9 billion factory in China to boost the production of its electric vehicles. According to the reports, the company will form a joint venture with Jinqiao Group to setup its production facilities in Shanghai.

Recently, Tesla China held a ceremony at the Beijing Golden Port Experience Center to deliver the first six Model X to their owners. The company handed the keys to the owners in front of media and other guests, Electrek reported.

Tesla Motors Inc (NASDAQ:TSLA)

Charging Network in China

Zhu Xiaotong, who is general manager of Tesla China, said that the company is expanding its charging network in China.

“We will further increase the number of charging facilities this year in the regions of Beijing-Tianjin-Hebe Jingjinji, the Yangtze River Delta and the Pearl River Delta.”

The company’s current charging network covers most areas in the Beijing-Tianjin-Hebei region, the Shanghai-Jiangsu-Zhejiang region, and the Guangzhou-Shenzhen-Hong Kong region. The network includes 404 “super chargers” in 96 “super charging stations” as well as about 1,300 charging posts, according to a China Daily report.

“Our current charging network enables our customers to drive their cars from Shenzhen all the way to Harbin,” Zhu said.

A supercharger takes up to 50 minutes to fully charge a car, while charging posts take one hour to charge a car for a 60-80 kilometer range, according to Zhu.

Tesla Motors Inc  teamed up with the China Quality Certification Center (CQCC) to allow cars owners to use charging facilities at CQCC-authenticated locations. Two months ago, the car marker announced that Tesla car owners will be able to charge their cars not only at its charging stations but CQCC’s charging locations.

Currently, the CQCC allows only two firms, including Beijing Huashang Sanyou New Energy Technology, to build charging posts under the new national standard. The other company is an electric car charging equipment maker based in Shandong province. The partnership with the CQCC will allow Tesla car-owners to charge their vehicles at locations operated by these two firms in future.

Tesla Buying SolarCity

Last week, the car maker announced that it made an offer to acquire SolarCity in a deal valued at up to $2.8 billion. It seems that shareholders are unhappy with Elon Musk’s plan to combine the electric-car and solar-energy companies, in which he own the largest stakes. According to the reports, the deal could be very dangerous for Tesla and Musk. Both companies are cash hungry, and will need a lot of cash to stay operational until this deal starts to bear fruit. Musk owns 19% of Tesla and 22% of SolarCity. He is also chairman of SolarCity.

Tesla believes that a combination would provide significant benefits to shareholders, customers and employees of both companies. The acquisition would transform Tesla into “the world’s only vertically integrated energy company offering end-to-end clean energy products to our customers,” from solar panels and home storage batteries to electric vehicles.

Musk sees no significant regulatory hurdles. He called the deal as a no brainer. According to Musk, the combined company could sell customers an electric car, a home battery and a solar system all at once. Talking to investors, Musk said that the deal would eventually push the electric carmaker’s valuation to $1 trillion. “The potential is there for Tesla to be a $1 trillion market cap company, if we play a major role in transitioning the world to a new form of energy generation, and storage and transport.”

Shares of Tesla Motors Inc  have plunged more than 10% during the past five days.

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