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Tesla Inc (TSLA) Expands Supercharger Network To Several New Areas

TSLA – Tesla owners will be able to charge up in many new places very soon.

Tesla Inc (NASDAQ:TSLA) is expanding its Supercharger network to multiple new areas both in the U.S. and abroad, the electric automaker announced today.

As TechCrunch reports, Tesla is doing so to address increasing demand, which some users note has resulted in long lines at many of its current charging stations:

Tesla revealed today that its work to bring the Supercharger network to city centers starts with locations in downtown Chicago and Boston that open Monday, and that these new Supercharger stations for urban areas have a new design that includes rapid charging with a dedicated 72 kW of power per vehicle – so that with multiple cars at the same station, there’s no downgrade in charging rates.

That should allow a full charge within 45 to 50 minutes on average, Tesla says. The new Supercharger stations also have new physical designs that allow them to take up less space, which is obviously better for tight-packed parking spots common for cities.

Now that the Model 3 is in production, the company is about to see a whole lot more vehicles on the roads. That means demand will surge soon, and clearly Tesla is trying to get ahead of the uptick before the situation gets out of hand.

The new stations are coming to highly populated city centers, along with highway and travel destination spots outside of metro areas. Tesla says they’ll be coming to “supermarkets, shopping centers and downtown districts,” in the hope of providing “abundant and reliable access to charging” wherever drivers go.

Tesla Inc shares were trading at $358.26 per share on Monday morning, up $14.86 (+4.33%). Year-to-date, TSLA has gained 67.65%, versus a 12.22% rise in the benchmark S&P 500 index during the same period.

TSLA currently has a StockNews.com POWR Rating of B (Buy), and is ranked #7 of 25 stocks in the Auto & Vehicle Manufacturers category.

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