Tesla Motors Inc. (NASDAQ:TSLA) China General Manager Resigns

by Tom Kelly | Tuesday, Apr 1, 2014 | 3792 views

Boston, MA 04/01/2014 (usastockreports) – Tesla Motors Inc. (NASDAQ:TSLA) has confirmed that its Chinese branch General Manager, Kingston Chang, has resigned as the company awaits to roll out its expansion plan in the country. China has been seen as the ideal market for the company’s new models in the recent past, awaiting to see what the new turnaround of events, will have on the company going forward.

Tesla has been quick to quash any miss-happenings for the resignation of its general manager in China maintaining that Kingston Chang resigned because of personal reasons. Chang had joined the company from Bentley in March last year.

 Tesla China sales on a Rise

Tesla Motors Inc. (NASDAQ:TSLA)’s growth story continues to accelerate this year with the company awaiting to kick start its mega Gigafactory project. The company’s Chief executive officer Elon musk expects the company’s growth in the year to be driven by increased sales in China, which is expected to be in line with U.S. sales as of 2015.

Tesla has already started taking orders for its S-Model in the Chinese market. The company is now preparing to deliver its first electric cars to its 8,600 square feet store in Beijing to cater for the increasing demand. The Model S car will go on sale in china for $118,000, a fee that will include all shipping costs as well as value added taxes and import duties

Tesla Growth Accelerated by Q4 Earnings

Tesla recent rally in the market has been attributed to its recently released Q4 earnings for 2013 as well as an impressive 2014 guidance that beat consensus estimates. Tesla reported earnings per share of $0.33 that beat consensus estimates of $0.21. The announcement of the proposed Gigafactory project is also expected to drive growth in the company’s stock in the market. Tesla Motors Inc. (NASDAQ:TSLA) expects the new project once complete, be in capacity of producing more Lithium batteries at low costs.

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