Zinger Key Points
- Tesla makes South American debut with Santiago store, aiming to penetrate Chile's EV market.
- Chile's car association reports EVs make up just 2.5% of total vehicle sales in the country.
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Tesla, Inc. TSLA is reportedly opening its first store in Chile’s Capital Santiago later this month.
The electric vehicle giant has chosen a spot in the high-end Parque Arauco mall in Santiago to inaugurate its inaugural store in the country, Bloomberg reported, citing a marketing email sent to clients and replicated on several X accounts.
Chile’s car association reported that electric vehicle (EV) sales constituted just 2.5% of overall vehicle sales in the nation during the initial nine months of the year, Bloomberg added.
This marks the automaker’s inaugural dealership in South America, the report read.
In September, the company officially registered the name Tesla Chile SpA, enabling it to engage in various activities, including car sales, manufacturing, and those associated with energy and electricity generation, the report added.
The electric vehicle manufacturer was actively hiring for roles in the capital city, Santiago, including the crucial position of a country manager, with three job openings still available on LinkedIn, according to the Bloomberg report.
Tesla is entering the Chilean market, following its major electric vehicle competitor, China’s BYD Co., Ltd. BYDDF, which introduced its Seal sedan in Santiago last year as part of an expansion into Latin America.
BYD also has plans for a cathode factory in Chile, benefiting from preferential prices for lithium mined by Sociedad Quimica Y Minera S.A SQM, Bloomberg added.
The company is set to report fourth-quarter financial results after market close Wednesday, Jan. 24.
The report comes after the company saw fourth-quarter deliveries beat analyst estimates.
Price Action: TSLA shares are trading lower by 0.23% to $208.32 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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