Tesla Motors Inc (NASDAQ:TSLA) announced Thursday that it will sell its electric cars from the 12,370-square-foot former Five Star Motorcars building at 1641 Westgate Circle, In Brentwood, Tennessee, according to a report from Tennessean. Tesla has been using this building since it opened its service center there this summer.
Perfect spot for Tesla
The first showroom for Tesla in Tennessee is also a result of high demand for the vehicle.
The Children's Investment Fund Management LLP is a London-based hedge fund firm better known by its acronym TCI. Founded by Sir Chris Hohn in 2003, the fund has a global mandate and supports the Children's Investment Fund Foundation (CIFF). Q3 2021 hedge fund letters, conferences and more The CIFF was established in 2002 by Hohn Read More
Jerry Miele, a Colliers International broker who represented Tesla Motors in the deal, said, “The initial requirement for a simple service center facility quickly evolved into a need for a prime retail showroom due to the popularity of the brand.”
Allen McDonald, who represented the building’s landlord as a principal at Baker Storey McDonald Properties, said that the Brentwood building was almost the perfect for Tesla’s retail needs, and will become a regional and statewide center of attraction in the Cool Springs area.
Tesla Motors expansion into Tennessee is happening at a busy time for the company. Earlier this month, the company revealed the layout of its Gigafactory, which will be world’s largest lithium-ion battery plant. Furthermore, the company delivered 22,477 vehicles globally in 2013.
Musk on autonomous cars
Elon Musk, the CEO of Tesla, talked about a fully autonomous car, and expects it to get ready in five or six years. These vehicles will minimize dangers tocommuters on the road. Musk said, “They will be a factor of 10 safer than a person [at the wheel] in a six-year time frame.” In an interview with the Wall Street Journal, he said that even after the feasibility of the technology is demonstrated, a few more years will be needed to work on the regulatory issues.
The company is testing its autonomous driving technology for its electric vehicles and striking deals with auto suppliers. Musk noted that there will be more suppliers of autonomous vehicle parts in the future. The EV manufacturer is determined to make improvements itself, according to Musk, who did not reveal the partners by name. As of now, Tesla is working on Model X and entry-level Model 3, but Musk said that more significant product news will be coming soon.
When asked about the broader auto industry trend, Musk noted that big car companies are reluctant to invest in development of the market for electric vehicles.