At the Geneva Motor Show, Tesla Motors, Inc. (TSLA - Free Report) announced its plan to expand its business in Europe through an extended Supercharger network, more service centers and increased number of stores. The automaker will be opening around 30 new service centers and stores across the continent.
Tesla is focused on expanding its network of Supercharger stations. At present, the automaker has 78 Superchargers in North America and 14 in Europe. Tesla intends to establish an extensive network across Europe, which will facilitate long distance travel, by end-2014.
In Jan 2014, Tesla announced the opening of new Supercharger locations which connect the Netherlands, Germany, Switzerland and Austria. Tesla’s Superchargers provide 120 kilowatts of DC (Direct Current) to Model S batteries using special cables. They can restore half the battery charge in just 20 minutes and full charging takes only 75 minutes, while normal charging stations take as much as 9 hours for a full charge. This reflects the time saving attribute of the chargers.
Europe is an important market for Tesla. The automaker is actively undertaking international expansion, particularly in Europe and Asia, to boost sales. The company started the delivery of the Model S in Europe in Aug 2013.
Tesla expects sales in Europe and Asia to be double the sales in North America by the end of 2014. The company will be launching the right hand drive version of Model S to improve sales in Europe. Moreover, Tesla will provide leasing and financing options to boost sales in the continent.
Model S is widely appreciated in Europe and was recognized as the Car of the Year in Sweden, Norway and Denmark. It was also considered the Most Stylish Car in Switzerland.
Tesla currently carries a Zacks Rank #2 (Buy). Some better-ranked automobile stocks worth considering are Tata Motors Ltd. (TTM - Free Report) , Toyota Motor Corp. (TM - Free Report) and Daimler AG (DDAIF - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy).