As the winter months are upon us, those in the north are probably wishing they were somewhere that wasn’t about to freeze over and be buried in tons of snow. For Tesla Motors Inc (NASDAQ:TSLA) management, I guess they figured that Spain would be a sunny enough getaway, as the company officially opened “Model S” and “Model X” sales in preparation for stores to be opened in Barcelona and Madrid next year.
This is, of course, big news for TSLA stock. Spain was one of the last holdouts in Western Europe for Tesla, and with the introduction of the company’s products to the market, TSLA stock continues its march toward world domination. (Source: “Tesla officially opens Model S and X sales in Spain, deliveries starting in Q1 2017 [Updated],” Electrek, December 2, 2016.)
To be fair, Spain isn’t a particularly large automotive market, especially when it comes to luxury cars. The country was hit hard in the Great Recession, and it has experienced a slower recovery than most. What is worth noting, however, is that the expansion into Spain by Tesla not only brings cars to the market, but also the company’s energy products: solar and home battery packs.
For the Tesla “Powerwall,” the company is partnering with local renewable energy product installer Bornay in order to install and distribute the home battery.
And remember that sun I mentioned? With SolarCity Corp (NASDAQ:SCTY) newly acquired by Tesla, it wouldn’t be a stretch to see solar panels show up in the Spanish market. Spain has one of the highest average electricity rates in Europe, so it would certainly be open to alternative energy sources.
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The first Tesla deliveries in Spain are expected at the end of Q1 next year, while the service centers and stores are set to open in the latter half of 2017.
Keep an eye on TSLA stock as it continues expanding across the globe, and the release of exciting new products like the consumer-oriented “Model 3” lies a short year or so away. If you’re super-keen on TSLA stock (and other tech stocks), you’ll want to check out our free newsletter below!