Tesla Inc. will start producing V3 superchargers in China from next year
The company said it will spend RMB 42 million, or $6.4 million on a new manufacturing facility to produce its third generation of fast chargers
avatar
Staff or Guest writer for The Dog of Wall Street.
2020-11-26 15:10

Tesla Inc. (TSLA) recently announced that it is looking forward to manufacturing electric vehicle chargers in China, the world’s biggest automotive market. The latest move is a part of its overall efforts to boost its vehicle sales in the country.

Tesla Inc. will start producing V3 superchargers in China from next year

The Palo Alto, California-based company said it will spend RMB 42 million, or $6.4 million on a new manufacturing facility to produce its third generation of fast chargers, commonly known as Supercharger V3. The new facility will be located near its car plant in Shanghai.

Senior officials at Tesla said the latest move is aimed at offering better service to customers in the world’s most populous country.

China has been offering big subsidies to electric vehicle manufacturers as it looks to reduce pollution from petrol cars. The government has been expanding the network of charging points in the country to encourage the adoption of electric vehicles (EVs).

Tesla expects to complete the new factory early next year. It will have a capacity to produce nearly 10,000 chargers on annual basis.

The U.S electric car maker has been famous in China for its Model 3. It sold more than 13,000 vehicles in the country in October alone. Moreover, it plans to launch its Model Y SUVs next year.

The company also intends to increase its research capabilities in Shanghai, which holds a very important place in its overall growth strategy. The Shanghai factory has set a goal to manufacture 150,000 units of Model 3 Sedan in 2020. The company has also started exporting some vehicles to Europe.

Tesla stock has performed exceptionally well this year. TSLA share price has skyrocketed more than 580 percent on a year-to-date basis. Many industry analysts and investors have been surprised by the tremendous growth milestones recently achieved by the company.


Disclaimer: I have no positions in any of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article. All information should be independently verified and should not be relied upon for purposes of transacting securities or other investments. See terms for more info.

Rate this article

positive
negative
Published On
2020-11-26 15:10

avatar
About the Author
Staff or Guest writer for The Dog of Wall Street.

Analyst Ratings
Target Price$263.11
# of Analysts37
Last updated2022-12-09

buy-coffee
You've read 1 article in the last year
..thank you for supporting us and for visiting our site. Unlike many other sites, The Dog of Wall Street is available for everyone to read. Our focus is to provide great content for free. Do you like what we are doing? Buy us a cup coffee. It is the fuel that keeps us going..

Is Rivian (RIVN) Stock a Buy Again?
The company continues to bleed money and is losing more than $40,000 per vehicle.
By Mike Sakuraba | 2 weeks ago

2 Stocks to Buy on a Pullback
Here are two stocks I’ll buy if we pull back in March.
By Mike Sakuraba | 2 weeks ago

2 Stocks to Buy for the March Bull Run
Here are 2 I have my eyes on for March.
By Mike Sakuraba | 3 weeks ago

Bitcoin is Hot: 2 Stocks to Buy Now
Here are 2 lesser-known crypto stocks that I think will benefit from Bitcoin’s bull run.
By Mike Sakuraba | 3 weeks ago

2 Stocks to Buy on the Earnings Dip
Here are two stocks that sold off that I have my eye on!
By Mike Sakuraba | 3 weeks ago

2 Stocks I'm Never Buying Again
Never is such a strong word but when it comes to investing, it is easy to never want to buy a stock again.
By Mike Sakuraba | 1 month ago

2 Stocks to Ride the NVIDIA Hype Train
Now that NVIDIA (NASDAQ: NVDA) saved the market again, is it finally time to buy?
By Mike Sakuraba | 1 month ago

Is it Too Late to Buy SMCI Stock?
Is it too late to get into SMCI after this parabolic run?
By Mike Sakuraba | 1 month ago