Tesla Motors Inc (TSLA): China Plans Back On Track With New GM

Tesla Motors Inc (TSLA): China Plans Back On Track With New GM
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Tesla Motors Inc (NASDAQ:TSLA) has appointed Veronica Wu as the General Manager of the company for the China region. Prior to joining Tesla in December 2013 as vice president, Veronica was the general manager for education and enterprises at Apple for the Greater China region, says a report from 163.com.

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Wu a strong GM

Since Wu joined the company she has been representing Tesla at various conferences in the domestic market. Wu is planning to visit Anhui Jianghuai Automobile Co., Ltd. to court as a possible partner for Tesla in China.

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Kingston Chang recently stepped down from the post of general manager for the China region. Chang was given the post of general manager of Tesla China in March 2013. Before joining Tesla Motors Inc (NASDAQ:TSLA), he was the general manager of Bentley China. There were no details as to why Chang left the EV manufacturer, except Sina.com cited some personal reasons.

Before taking the helm with Bentley, Chang worked with a number of firms including Inchcape Plc and Jebsen Group. Chang earned his degree from the Chinese University of Hong Kong, and has over two decades of experience in the automotive industry.

The resignation of Chang was a setback for Tesla Motors Inc (NASDAQ:TSLA), but with Wu taking over, it seems the situation is well under control.

China an important market for Tesla

Tesla Motors Inc (NASDAQ:TSLA) is eying the China market due to country’s huge potential for electric vehicles. The company is trying to take advantage of the subsidies for its Model S offered by the Chinese government. The price of Model S is kept at 734,000 yuan in China including shipping cost, value-added taxes and import duties. In the U.S., a Tesla Model S costs around $81,000 before federal tax credits.

Back in January, Musk said that sales figure in China could equal those of the United States by as early as next year. Tesla Motors Inc (NASDAQ:TSLA) started accepting orders for the Model S inAugust, but deliveries are yet to start. Last November, Tesla opened an 800 square meter show room in a Beijing shopping mall.

Prior to Tesla Motors Inc (NASDAQ:TSLA), many automobile makers tried to enter the electric vehicle segment in China, but with limited success. All are now closely watching Tesla’s strategy as they try to roll out the Model S in China.

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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 amanjain@valuewalk.com
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