Tesla Motors Inc (NASDAQ:TSLA) has announced the opening of its first Supercharger station in New York. This new charging station will greatly benefit customers, who can charge their vehicles at the charging station free of cost. At the station vehicles will get fully charged within half an hour.
Tesla Motors Inc (NASDAQ:TSLA)’s market penetration in New York is currently concentrated in Manhattan. However, the new Supercharger station is not situated in Manhattan. Tesla’s latest Supercharger station is located at the intersection of 150th Avenue and 147th Street in Queens, at a JFK Airport travel plaza. Nevertheless, it is the Supercharger closest to Manhattan, followed by the one in Darien, Connecticut, an hour’s drive from Manhattan.
Tesla Motors Inc (NASDAQ:TSLA) supports this move reasoning that Superchargers are needed for long trips and not for daily charging. So the charging station is not built in Manhattan where daily charging can be managed at the normal electric charging stations built by the city.
A growing number of parking places in Manhattan now offer charging options, while the cheapest version of Tesla’s Model S provides 230 miles per charge. Thus, Tesla plans to build Superchargers between major cities and tourist destinations, to support long distance travel.
Tesla Motors Inc (NASDAQ:TSLA) is focused on expanding its network of Supercharger stations. At present, the automaker has 48 Superchargers in U.S., a large portion of which are located on the West Coast. Tesla plans to increase the number of Superchargers to such an extent that even coast-to-coast road trips will be possible in a Model S.
Tesla Motors Inc (NASDAQ:TSLA) currently has a Zacks Rank #4 (Sell). Other prominent companies in automobile market include Honda Motor Co Ltd (ADR) (NYSE:HMC), Tata Motors Limited (ADR) (NYSE:TTM) and Ford Motor Company (NYSE:F).
Disclaimer: This article is written by Zacks Equity Research and originally published at Zacks.com.