Tesla aims to double sales in Germany

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Tesla (NASDAQ:TSLA) is aiming to double sales in Germany to 80,000 vehicles this year from 39,714 a year ago, sources told Automobilwoche.

The electric vehicle maker is running below that pace so far this year with 24,734 vehicles sold in Germany through the end of August. In August, Tesla (TSLA) showed some momentum in Germany and recorded market share of about 2.7%.

While Tesla (TSLA) delivered the first Model Ys that were built locally at the Gigafactory near Berlin in March, expansion of the plant has been put on hold for the moment due to a delayed vote by a municipal committee that initially gave the expansion project a green light. For the time being, the vote on expansion has simply been removed from the committee agenda, with no timeline for the topic to be discussed again.

Of note, Tesla (TSLA) has added to its sales strategy in Germany with a dealership-like building in an industrial area of Neu-Ulm.

Shares of Tesla (TSLA) fell 1.45% in premarket trading to $298.94 vs the 52-week trading range of $206.86 to $414.50.