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Tesla To Build Model 3 Service Centers

Published 07/12/2017, 11:51 AM
Updated 03/09/2019, 08:30 AM
TSLA
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Last week, Tesla Inc. (NASDAQ:TSLA) rolled out its very first Model 3 vehicle, which happens to be owned by Tesla CEO and co-founder Elon Musk who tweeted the first photos of the much-awaited electric vehicle during the weekend. The production of the $35,000-car officially began on Friday. The company has already begun taking reservations and deposits for the said vehicle after receiving more than 400,000 in pre-orders during its unveiling last year.

Despite concerns surrounding the company’s decreasing operating cash reserves, Tesla’s shares continue to rise in the past couple of months in anticipation of the Model 3 release which has received a lot of positive reception due to its price and specifications.

Model 3 Service Centers And Capacity

As the company begins the production of the Model 3 vehicle officially, Tesla also announced on Tuesday that it will be expanding its service capacity through building new service centers. According to Tesla’s announcement, it plans to add around 100 service centers all over the world in their efforts to expand their service capacity. The service centers which will give Tesla owners more ways to get their vehicles serviced comes after Tesla’s recent feat of selling 100,000 vehicles and the Model 3 production.

Tesla has been preparing for the Model 3 production since last year after it opened its first ever Gigafactory in Nevada which will be producing Model 3 batteries and other energy storage products.

Along with adding new service centers, Tesla will also be hiring more than 1,000 new technicians and 350 service vans to its force. The company is also reportedly working on expanding its superchargers by twice as much before the end of the year. Tesla drivers can also schedule service appointments through the in-car touchscreen.

The company currently has a target of releasing 20,000 Model 3 vehicles every month before the year ends eventually expanding it by next year.

Tesla Shares

Tesla shares, which crossed the $300 line for the first time last April, is currently trading at around $327.22 and is up by 3.53% from having risen by 2.40% during Tuesday’s market trading. It has been trading in an upward direction since last week due to the announcement that it will be releasing the very first Model 3.

The stock has also jumped by 50.38% this year due to the Model 3 anticipation. Tesla shares are expected to push up further as it starts to roll out the first batch of Model 3 vehicles but is set to lose ground should the company miss out on its delivery numbers as it has reacted during the beginning of the year where the company slightly missed on its forecasted deliveries.

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