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Tesla gets Approval to Start Selling Model 3 in Europe
| 01/21/2019
Tesla Inc. has been granted permission to start delivering its Model 3 in Europe. This latest development comes after the company announced last week that it is cutting 3,000 jobs.
Tesla to venture unto Audi, BMW turf
The American-based care manufacturer receiving a license to sell its Model 3 cars in Europe meant that it would be bringing its products to the home turf of Audi, BMW, and Mercedes-Benz. The competition in the electric and luxury cars space in Europe will become tougher with Tesla now entering the market.
This latest development has seen TSLA jump by 0.81 percent at the pre-market trading. The stock experienced a 13 percent decline in stock price on Friday, January 18 but has gone up slightly to now trade at $304.70
Tesla revealed that deliveries for the Model 3 cars are expected to start next month after Dutch vehicle authority RDW gave its approval for the deal to happen. The launch of electric car sales in Europe is crucial to the company’s growth as Elon Musk recently stated that Tesla would experience a tough road ahead.
The recent job cut by the company is aimed at can profitably deliver lower-priced versions of the Model 3, with the car set to be the first targeted for the global market.
The Model 3 enables the company to broaden its entry into the premium car market that has been dominated by BMW, Mercedes-Benz, and Audi over the year. Last year, the car became the top-selling luxury car after it toppled Audi Q5, BMW 3 Series, and other popular brands.