Tesla Motors Inc Plans To Build Charging Station With Sinopec

Tesla stockBlomst / Pixabay

Tesla Motors Inc (NASDAQ:TSLA) Chief executive Elon Musk is expected to land in China this month, to discuss with China Petroleum & Chemical Corp (or Sinopec) setting up charging units in Sinopec’s nationwide service-station network, according to a Chinese media report Monday, April 14.

Sinopec to build the stations

Tesla Motors Inc (NASDAQ:TSLA) is aggressively expanding in China, and in service of that goal has announced to set up a network of charging stations to offer Tesla owners charging for free and being able to travel long distances.

Charging facilities would be made by China’s largest oil refiner in its own gas stations situated in Beijing followed by set ups in the port city of Tianjin and Hebei province as stated by 163.com, an online news portal.

The electronic vehicle manufacturer is expected to open service stations in Beijing, Shanghai, Hangzhou, Guangzhou, Shenzhen and Chengdu by the end of this year. Tesla is also providing training to third party electricians so that they can establish charging stations.

Tesla has big plans for China

Elon Musk’s brain child is the a pioneer in more than more way, and is now heading towards China aggressively.

China is bullish on the use of clean-energy cars to combat its heavy air pollution, although the reach of these green fuel cars has been slow due to the deficiency of a charging network infrastructure. Other electric car manufacturers all over the globe are tracking the success and strategy of Tesla in China. China has still not accomplished its target of 5 million alternative energy-powered vehicles by 2020 due to lack of charging stations and high cost.

Tesla Motors Inc (NASDAQ:TSLA) Model S is getting very popular in China owing to its competitive price and marketing by social media. Bloomberg news reported that Elon Musk will personally visit China this month to inaugurate the sales of the electronic vehicle in China.

Tesla Motors Inc (NASDAQ:TSLA) is expected to achieve the same volume of sales in China as it did in the United States, which makes the Asian country an important market for the company, according to Elon Musk.

Apart from China, Tesla is also targeting other regions. Simon Sproule, Tesla’s vice president of marketing and communications, told Bloomberg that the company is working on making the right-hand version of the Model S for sales in markets such as the U.K. and Hong Kong.

For exclusive info on hedge funds and the latest news from value investing world at only a few dollars a month check out ValueWalk Premium right here.

Multiple people interested? Check out our new corporate plan right here (We are currently offering a major discount)

About the Author

Aman Jain
Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at [email protected]

Be the first to comment on "Tesla Motors Inc Plans To Build Charging Station With Sinopec"

Leave a comment