Tesla to Win Approval for Direct Car Sales in Israel

(The Motley Fool)

Tesla (NASDAQ:TSLA) is on the cusp of entering a relatively affluent new market. Media reports published Monday indicated that the Israeli government was about to approve the company’s entry into its market.

The Jerusalem Post wrote that an unnamed Ministry of Transport spokesman said the government agency plans to grant Tesla a commercial import license allowing it to operate in Israel “within the next day or so.”

Tesla has previously sold its cars in the Middle Eastern nation as a “small importer,” with imports strictly limited to 20 vehicles. Up until now, global carmakers have sold their wares through Israeli dealers. In Tesla’s case, its license will allow it to directly import and market its vehicles in the country.

According to Globes, an Israeli business news site, one of Tesla’s first moves in Israel will be to take orders from local customers. This should occur at some point this week. Globes said that the company is currently evaluating locations for its charging stations, which it would also like to set up in existing commercial and residential buildings.

The first Tesla model on the Israeli market will be the Model 3, which Globes says will be offered in several configurations. It is not yet known how much the company will charge for its cars there.

Tesla has not provided an official update on its activities in Israel.

The wildly popular and occasionally controversial Tesla stock rose 3.4% on Monday, in contrast to the decline of the S&P 500 index.

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