Tesla gets the green light for Model 3 shipments to Europe



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Regulators have given Tesla Inc. green light for sending Model 3 cars to Europe, opening up important new markets after recent layoffs to cut costs.

On Monday, the Dutch Vehicle Authority, which has regulatory authorities on behalf of the EU, said the Model 3 meets the requirements for European roads. Tesla had hoped for approval, and opened online orders for several European countries earlier this month.

A Tesla spokesman said shipments of the remote variant of the Model 3 are expected to begin in February. The Electrek blog reports a cargo ship carrying more than 1,000 Model 3 leaving San Francisco, possibly heading for Europe, a little more than a week ago.

On Monday, Tesla tweeted a photo of "European Model 3 of the production line."

Tesla is targeting the most expensive car in Europe, where electric car sales surged last year. Tesla shares fell Friday on news that 7% of its workforce would be dismissed as part of efforts to cut costs, and weaker fourth-quarter earnings reports.

Europe is an important region in Tesla's plans in the future, and CEO Elon Musk said Germany is the leading site to build a European factory to produce lithium-ion batteries for Tesla cars.

Tesla shares

TSLA, -12.97%

down 9% this year, compared to the S & P 500

SPX, + 1.32%

6.5% profit. Over the past year, Tesla fell 13.6%, while the S & P has declined by around 5%.

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