Tesla (TSLA) has officially announced to start the sale of its electric-powered vehicles in Malaysia this week. This makes yet another milestone in Tesla's history as it is trying to establish a global presence.
In the last few years, the Tesla company is putting most of its focus on expansion into new markets. This has also allowed Tesla to lead the front in the electric vehicle revolution and thus capture a major portion of the EV market.
Asia Remains An Important Market For Tesla
For now, Asia remains the main focus for Tesla as it also enjoys a strong market presence in the region. In addition, Tesla also has a mega factory in Shanghai (China) which allows it to enjoy a strategic position.
Tesla's factory in China has gained significance in the last few years as an important production hub in the company's supply chain. At the factory, Tesla manufactures some of the most popular EV models, which are then shipped around the world.
The preparation process for entering the Malaysian market started in early February after Tesla acquired approval from the government. As per the details, Tesla will be importing the EVs into Malaysia which would then be sold to local customers.
According to Malaysia's minister, they are pleased by the EV maker's decision to establish a presence in the country. They also added that it helps the country to establish a strong EV ecosystem as well. Similarly, the minister also added that this move by Tesla demonstrates how Tesla has placed its confidence in the business-friendly environment and strong economic fundamentals in Malaysia.
Within a few days of its launch, Tesla has already received almost 10,000 orders for its Model Y electric-powered vehicle. Similarly, the shares of Tesla (TSLA) also jumped 1.55% on Friday which is a positive sign & demonstrates the investor's trust in the company.