Electric vehicle giant Tesla Inc. (Nasdaq:TSLA) plans to open its ninth store location in Canada at Park Royal in West Vancouver, one of the country’s wealthiest communities.
This is the California-based company’s third Vancouver location, with the other two stores being located on West 4th Avenue and on Robson Street.
The 2,900-square-foot retail store will replace LensCrafters and Pinkberry in Park Royal’s south outdoor shopping space.
Tesla has eight store locations in Canada, including three in Ontario and one each in Calgary, Montreal and Quebec City.
Tesla plans to announce more store openings as the company continues to expand in the Canadian market.
Tesla’s Park Royal store is set to open its doors this spring.
Tesla was founded in 2003 and produces its vehicles at its factory in Fremont, California, previously home to New United Motor Manufacturing Inc. The Tesla factory is capable of producing 2,000 cars a week.
In 2016, Tesla’s revenue was $7 billion, up 73% from 2015. The company has a $53.2 billion market capitalization.
Electric vehicles are continuing to gain traction in Canada, and the B.C. government continues to honour the Clean Energy Vehicles for British Columbia program, which ensures a $5,000 deduction for new electric vehicle purchases.
In February 2017, the province allocated $40 million to support clean-energy vehicles.
This month, Accelerate Kootenays, a multimillion-dollar coalition involving a number of regional districts and corporate partners, announced plans for a new set of electric charging stations along Highway 3.
