Teslarati reported on November 28 that Tesla Motors is all-set to open its first showroom inside South Korea’s largest shopping mall, the Starfield Hanam Complex. The store is expected to open today. However, the news didn’t do much to the stock as TSLA declined 0.41% during after-hours trading on Monday.
The company’s latest store in Gyeonggi Province would be its first retail outlet in South Korea. With its entry, Tesla may provide tough competition to the region’s largest automaker; Hyundai Motor. The latter is also expected to open a store in Starfield. Moreover, the company is expected to launch its competitively priced Electric Vehicle (EV) before the year-end.
Moreover, executives of Starfield Hanam indicated that they were notified about the store’s opening date. However, they believe that the date may be delayed, depending on the company’s preparations.
Teslarati reported: “While the Silicon Valley-based automaker takes aim at expanding its retail presence in South Korea, the company is also busy with laying the ground work for the build out of its Supercharger network across the country.” The company is also reportedly viewing its plans of building supercharging stations around Seoul.
The report further mentioned that TSLA has also invested in constructing another showroom within the country’s high-end Gangnam district. The district is also considered as the Rodeo Drive of South Korea. Earlier in September, the company had signed a $439,059 lease to get its hands on a three-story upscale commercial building in the district. The store is expected to be surrounded by Ferrari, Lamborghini, and Bentley showrooms. Moreover, neighboring stores will also include Cartier, Dior, and Hermes.
Wall Street analysts have assigned a PT of $225.13 with a 14.8% upside over the last closing price. Analysts’ ratings include 3 Buy, 1 Overweight, 9 Hold, two Underweight, and four Sell.