Tesla Stock Slides in Premarket Trading; The Company Added 40 Stations to China Supercharger Network in August
In pre-market trade, Tesla stock slides to 308.26
Tesla Stock (NASDAQ:TSLA)
With the addition of 40 additional stations around the nation in August alone, Tesla (NASDAQ:TSLA) is continuing to move forward with their intention to extend the Supercharger network in China.
In 25 different cities, 40 new stations were created, adding 168 additional stalls, according to a post on Tesla Chinas official Weibo account. Chengdu, Chongqing, Zunyi, Wuhan, Nantong, and Shanghai are a few of the cities featuring these new superchargers.
This equates to Tesla adding 1.29 new stations every day over the course of the 31-day month, which is a little less than the 48 Superchargers the company was able to deploy in China in July. All of the new stations, according to Tesla, are V3 Superchargers, which can provide charging rates of up to 250kW.
The companys new Supercharger manufacturing in China has enabled this quick growth. Up to 10,000 Superchargers can be produced annually at the facility, which was finished in July 2021.
Teslas network in China has expanded to encompass more than 1,300 stations with more than 9,000 stalls around the nation as a result of the rapid rate at which new Superchargers have been erected over the past several months.
According to Tesla China, there are also more than 1,800 Destinations chargers in more than 380 cities and areas, letting owners plugin and receive a charge at Level 2 charging rates.
Musk economic warning
Teslas (NASDAQ:TSLA) CEO has been vocal about his thoughts about the future of the economy even as the Federal Reserve gets ready to boost interest rates to combat the greatest inflation in forty years.
On September 20-21, the central bank will meet to discuss the economy. A rate increase of at least 75 basis points, or 0.75%, is anticipated by economists, the business community, and the markets at the conclusion of this meeting due to the most recent data showing that the rise in the cost of goods and services is far from slowing down.
Even the possibility of a rate increase of about 100 basis points, or 1%, is supported by several analysts, including former Treasury Secretary Larry Summers. Summers stated on September 13 that a move of 75 basis points in September has seemed self-clear to me for some time now. And if I had to pick between a change of 100 basis points in September and a move of 50 basis points, I would go with the move of 100 basis points to increase credibility.
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Author: Jowi Kwasu
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