Tesla Motors Inc. (NASDAQ:TSLA) is opening a “pop-up store” in the upscale Shin Kong Mitsukoshi Department Store in the Xinyi District of Taipei, Taiwan this week to display its state-of-the-art design and EV technology, reports Electrek. Later, the electric car maker will open a full-scale store with a service center.
Tesla Motors Inc. – Selling cars at significant premium
A job listing for store manager was found on Tesla’s website, indicating that the automaker will be offering both its energy products and electric cars The automaker currently lists six other positions in Taiwan as well.
Over the weekend, the U.S. firm opened an online Model S design studio in the country. In Taiwan, the Model S sedan is offered at a significant premium over the price in the U.S. The 60 kWh battery configuration starts at 3 million new Taiwan dollars (US$93,000 versus $66,000 in the U.S.), and for the Model S P90D, it goes up to 5 million new Taiwan dollars (US$155,000 versus $109,500 in the U.S.).
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Tesla adjusts the cost of its cars worldwide based on the exchange rate. Additionally, it includes each country’s import fees, registration and taxes.
Taiwan an important market for Tesla
Though the electric car maker has started online sales in Taiwan, the first deliveries aren’t expected until the first quarter of 2017. According to Tesla Taiwan, Taiwanese consumers can now order the Model S from Tesla’s website https://www.teslamotors.com/zh_TW. The automaker said the pop-up store will run through August 31, and Tesla product specialists will be there to answer questions about battery charging and electric vehicles.
Taiwan is the sixth market in the Asia-Pacific where the U.S. firm has made inroads. The electric car maker will set up a charging network and a regional service center in Taiwan to meet the needs of local clients, the U.S. firm said. The U.S. firm has a long history with the country even though it is starting to sell vehicles there only now. The electric car maker sources many parts for its vehicles from the country.
Expanding to more countries is a necessity for the U.S. firm as it is significantly ramping up production. Also it would help it meet its delivery numbers, something which it is struggling to do now.
In pre-market trading today, Tesla shares were down significantly. Year to date, the stock is down more than 9%, while in the last year, it is down almost 23%. The stock has a 52-week high of $286.65 and a 52-week low of $141.05.