Tesla Expands Charging Stations

Tesla, Inc.  (NASDAQ: TSLA) announced that they are trying to make it easier for city residents who own electric cars without charging stations at home or work by expanding their supercharger network at city centers. A 10-stall location is to open in Chicago and an 8-stall site is to be opened in Boston where chargers will deliver less power than those located along highways or at longer distance locations such as hotels and resorts. Drivers will only have to wait 45-50 minutes to reload their battery. Convenient locations include shopping centers, supermarkets, and downtown districts where customers can easily charge their car in the time it takes to run errands. These new charging stations will have the same pricing as the existing supercharger stations which will be way cheaper than the cost of gasoline. Pricing varies from state to state, for example, a trip from Loss Angeles to New York would cost about $120.

The company’s existing superchargers can deliver about 170 miles of range in half an hour. These new stations in urban cities will take up less space than those placed near highways and other frequent driving routes.

Tesla had 884 supercharger sites worldwide at the end of June which was worth $236.3 million. The company has a forecast of about $2 billion in capital expenditures in the second half of this year after spending $1.5 billion in the first half.

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