Tesla, China Unicom setting up 400-station charging network in China
TSLA Stock Climbs To Record High
The deal will work like this, according to Bloomberg: Tesla supplies the charging station parts and China Unicom provides the land. Laying the groundwork for easier electric vehicle charging is important, since Model S EVs are already selling well in China and CEO Elon Musk has said that the company expects sales there to reach the same level as in the US perhaps by 2015. Tesla and all plug-in vehicle sellers will benefit if China's plan to invest $16 billion on more charging stations comes to fruition.
China Unicom is the second-biggest mobile phone company in China, which may help explain why TSLA stock jumped to a record high after the announcement and is climbing again today. As of this writing, the stock is just over $283, up $13.55 (5.02 percent) from last week.
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