Tesla Motors Inc Sold More Vehicles in Minnesota Last Year

Tesla Motors Inc Sold More Vehicles in Minnesota Last Year
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Tesla Motors Inc (NASDAQ:TSLA) sold over one hundred vehicles in Minnesota in 2013, compared to just nine vehicles in the previous year, according to Polk data offered by the Minnesota Automobile Dealers Association. In the region, 109 new retail light-vehicle registrations for Tesla cars were made in 2013, giving it a 0.05% market share in the state, says a report from Biz Journals.

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Tesla still behind bigger rivals

Compared to the automotive giants, Tesla Motors Inc (NASDAQ:TSLA) was short on sales in Minnesota with Porsche selling 219 vehicles and Fiat clocking sales of 304. Archie Black, CEO of SPS Commerce, was one of many customers who bought a Model S. He made his online deposit for the car in 2009 and received it in February 2013.

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“I love it. It’s a beautiful car,” he said. “I’m not a high-end car guy — I actually traded in a 2007 or 2008 Volkswagen Jetta with a manual transmission — but I loved the technology, and that’s why I got it.”

Globally, the EV manufacturer shipped 22,300 Model S electric cars in 2013, out of which around 6,900 cars were sold in the fourth quarter alone. In 2012, around 2,650 Model S cars were sold. The entry price of the Model S was kept at $69,900 and performance model is priced at $93,400.

Tesla Motors Inc (NASDAQ:TSLA) is looking forward to opening a direct sales store at Mall of America and a service center in Edina, according to testimony to legislators at the state capital last year. Presently, the company has a service facility in Eden Prairie.

Decision over gigafactory soon

Separately, it is believed that Tesla Motors Inc (NASDAQ:TSLA) will announce the venue for its much talked about Gigafactory within two-three months. Alexis Georgenson, a spokeswoman for the company said, “We are approaching a down-select stage in the process, which will likely see two locations emerge.”

The Palo Alto, California-based electric car maker wants to start battery manufacturing on two sites before zeroing in on one location for its 10 million square foot plant.

States in the running for the gigafactory are Arizona, Nevada, New Mexico and Texas. California could also be a potential choice for Tesla Motors Inc (NASDAQ:TSLA) asthe company already assembles the cars in Fremont. At present, the electric car maker gets battery supplies from Panasonic and an Asian supply chain.

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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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  1. We are in the predicted dip phase for the next 2 quarters, then the upward trend should continue. I only wish it would go down further so I could add to my position and lower my aggregate entry cost. Gen 3 is going to tear the lid off this thing in a couple years. imo

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