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Tesla signs lease to open vast sales and service centre in Shanghai industrial park

Published 10/07/2023, 08:09 AM
Updated 10/07/2023, 08:10 AM
© Reuters. FILE PHOTO: A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai, China January 7, 2019. REUTERS/Aly Song/File Photo

SHANGHAI (Reuters) - Tesla (NASDAQ:TSLA) has signed a leasing contract with Shanghai Waigaoqiao Free Trade Zone Group to open a massive sales and service centre in an industrial park in the city, its biggest one in China, the government-owned company said.

The Tesla store, with a size of 8,000 square metres, or 861,000 square feet, will open in mid-2024 in Xin Park, under development in Shanghai's Pudong district, according to a statement on the Chinese company's official Wechat account on Saturday.

Tesla did not immediately respond to a request for comment.

© Reuters. FILE PHOTO: A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai, China January 7, 2019. REUTERS/Aly Song/File Photo

The company, the world's biggest electric car manufacturer, has nearly 300 stores across China. Reuters reported last year that it was considering closing some showrooms in flashy malls in cities like Beijing.

It also plans to put more emphasis on stores in less-costly suburban locations that can also provide repairs as the company works to meet Chief Executive Elon Musk's goal of improving service for customers, the Reuters report said.

Latest comments

8000 square meters it is around 86100 square foots ..
Sounds like something a normal car manufacturer would do. You know, a legacy one. With legacy margins. With legacy multiples.
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