The electric car market isn’t exactly booming just yet, but it’s growing more each year. The ever-posh electric car maker Tesla has seen a great past year, and on Monday, February 10th, the company saw its stocks shoot up to nearly $200 per share—a record high.
Sales of the company’s Model S are higher than expected, which has helped the stocks gain momentum over the past few months. Tesla has just begun to test the waters in China, but thus far things are looking good for the company in the world’s largest market for car sales.
Elon Musk, founder and CEO of Tesla, says that sales of the Model S vehicles in China will likely “match U.S. levels as early as next year.” With demad going up, it will soon become impractical for the vehicles to be transported overseas—which means that China could be in for a new, local factory soon.
Tesla has also garnered itself a reputation for fairness with its decision to enforce a fair price for its vehicles globally, rather than ramping up prices like other automakers have been known to do in certain markets.
“If we were to follow standard industry practice, we could get away with charging twice as much for the Model S in China as we do in the US,” the company wrote in a blog post. “But we’re doing things differently, even if it means that some people might look at the price and mistakenly think it must somehow mean the Model S has less value than its competitors.”
The Tesla Motors Team continues, saying, “we want to treat our Chinese customers just as well as we’d treat customers in any other country. That means the price of a Model S in China is the same as the price of a Model S in the US, adding only unavoidable taxes, customs duties and transportation costs.”