Tesla (TSLA) Revenue From China Triples To Over $1 Billion Ahead Of UAE Expansion

Tesla’s revenue from China has crossed $1 billion, with the country now accounting for more than 15 percent of its total revenue last year, according to a U.S. regulatory filing on Wednesday. For comparison, the company’s sales in the U.S. reached $4.2 billion in 2016.

On Thursday, Bloomberg reported that the company’s revenues from China were three times the figure from 2015. The company does not release country-wise sales figures.

Tesla debuted in China in 2014, but faced initial setbacks, leading to delayed deliveries which the company’s CEO Elon Musk blamed on local sales staff. In November 2016, the company said that it would introduce converters in the country, which would allow consumers to charge their vehicles at state-run charging points.

In addition to this, the National reported last week that the company was teaming up with the Dubai FDI to help it expand throughout the UAE ad the wider Middle East. Dubai FDI is a part of the UAE’s department of economic development. The report further says that the companies’ plan is to make Dubai the regional hub for Tesla development and the launch pad for its expansion across the Middle East.

Fahad Al Gergawi, CEO, Dubai FDI, told the National on Thursday: “Dubai FDI is successfully engaging with game-changing companies and investors worldwide, enabling them to use Dubai as a vantage point for market access and business development. Dubai FDI will continue to assist Tesla to expand and grow in the region and its neighborhood,” adding that clean energy innovations were integral to the Dubai Plan 2021.

Tesla stock has been doing well ever since its acquisition of solar energy company SolarCity, although 97 percent of the company’s revenue still comes for its automotive business. The company is expected to do even better this year, as the its first mass-market car, the Tesla Model 3, goes to production.