Tesla raises $82.5 million for new retail stores
Electric-car maker will use funding from Fjord Capital and others to open more stores in North America and Europe.
Tesla Motors has garnered $82.5 million in "Series F" funding for the purpose of expanding its chain of stores in North America and Europe.
The deal was first announced Monday by participating investor Fjord Capital Partners. Tesla Motors then confirmed the deal to several news outlets on Tuesday. Daimler, already a 10 percent investor in Tesla, and Abu Dhabi fund Aabar Investments also contributed to the fund.
The California-based electric-vehicle manufacturer has had stores in Los Angeles and Menlo Park, Calif., for some time. It recently opened stores in New York, Chicago, Miami, London, Seattle, and Munich. It has plans to open a store in Monaco before the end of the year, and has said it's scouting for locations in Washington, D.C., and Toronto.
But don't call them dealerships.
Because the electric cars are light on service work, and don't need things like oil changes, of yesteryear's car industry. Instead the company plans to maintain full retail control over its cars and brand, Tesla announced in early September.
"Tesla takes its showroom cues from Apple, Starbucks and other customer-focused retailers. Tesla stores provide a welcoming spot to surf the Web, test drive cars and learn more about Tesla, the only production automaker selling highway-capable EVs in North America or Europe," Tesla said in statement.
News of the latest funding deal also follows the unveiling of Tesla's production model of the Model S sedan, as well as
The Tesla's lineup with a more "economical" option to its Roadster luxury sports car. The Model S is expected to cost around $50,000--about half the cost of the Roadster.in March as a way to augment