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This week we saw Tesla shares slip 4.39% to $406.02 Wednesday, and although it was a lacklustre trading day all around, Tesla stock still underperformed in comparison to some of its competitors where Toyota, General Motors, and Honda fell a little bit less that Tesla.
Next week is going to be a big week with the American presidential election and this is an event that usually has some impact on the stock market, so it’s inevitable that we may see some volatility there, which may affect Tesla’s stock. And while that may or may not happen, there are still great things happening in the Tesla World.
The EV carmaker is moving forward in its efforts to ramp up their service centers. Several news sources have reported that Tesla will be expanding their overall service centers to include an additional 52 service locations. As Tesla expands their market share and sales grow, extending the service ability is an approach for them to meet demand. And currently, Tesla has about 466 service centers with a fleet of just over a million cars.
Tesla’s unique approach to selling is in stark contrast to every other auto manufacturer who have put third-party dealers in place to service and sell their vehicles. Tesla owns every one of its service centers and pushes its sales through an online platform. With the growth in Tesla deliveries, the company sees the need to setup more service centers to cater for the larger market. This also includes expanding the network of Superchargers.
Giga Berlin is another highlight to keep an eye on with construction progress steaming ahead. The rapid building has seen major developments being reported every week. The most recent being the areas designated for the company’s Giga Press machines are getting the foundation work completed. It’s reported that this facility will house EIGHT Giga Press machines, which will be key in helping Tesla ramp up production of the Model Y with fewer parts, while saving on costs and making the vehicle’s production process easier. Tesla boss, Elon Musk, has ambitious manufacturing ideas to improve Tesla’s efficiency and establish the company’s as the industry’s most innovative and pioneering carmakers.
Production at Giga Berlin is due to start in 2021. And with Tesla typically keeping abreast of its production and construction timeframes, its very possible that the European-made Model Y deliveries will kick off in the first quarter of 2021. In Tesla’s 3rd quarter shareholder letter published last week, the company confirmed Giga Berlin is on track:
“Construction of the Gigafactory in Berlin continues to progress rapidly. Buildings are under construction and equipment move-in will start over the coming weeks. At the same time, the Giga Berlin team continues to grow. Production is expected to start in 2021.”
Part of the Tesla’s European plan is to ship vehicles from the Rostock Baltic Sea Port during the middle of next year and this port is apparently investing €20 million into building and expanding the facility to accommodate Tesla vehicles. Customers in the Netherlands will also be able to expect deliveries of the Model Y to start in the early part of 2021 and those electric vehicles will come straight from Tesla Giga Berlin.
So, with Giga Berlin and Europe getting ready for Tesla’s presence, and with the USA expanding their service locations, along with everything else that Tesla is doing, next week is just about riding the wave till the election hype settles and we can get go back to focusing on great sales, positive shares, and a bright future with our favorite EV auto manufacturer.