Tesla Inc (NASDAQ:TSLA) shares are up close to 500% in 2020. The electric vehicle company continues to dominate its market and has produced strong stock returns.
What Happened: Target and Tesla are working to bring more Superchargers to the retailer's locations. The deal will see Supercharger EV charging stations installed in 42 more Target parking lots.
Tesla’s Supercharger is the fastest charging station. In North America, there are 1,971 stations and 17,467 Superchargers.
Why It’s Important: Tesla continues to expand its Supercharger network, making it easier for its customers to charge their vehicles. Seventy-five percent of the U.S. population lives within 10 miles of a Target store, making them ideal locations.
By providing the space for the Superchargers, Target benefits from Tesla customers coming to charge their vehicles. The 30-minute charge time could mean that Tesla owner ventures into the store to shop while they wait.
What’s Next: Tesla shares were down 4.3% at $476.90 on Tuesday on news of a $5-billion stock offering.
The drop comes after Tesla hit new highs and underwent a 5-for-1 stock split Monday.
Target shares are up 18% in 2020.
Photo courtesy of Target.