Retail moves: Tesla adds clothes and accessories to car lineup

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In a bid to unwrap the enigma behind its product, Tesla Motors has revamped its stores worldwide as the electric car company prepares to deliver its first sport-utility vehicle, Model X, early next year. A critical part of this makeover is the introduction of a retail lineup of bags, gloves, and other leather accessories, which call to mind the posh fashion merchandise of luxury car makers Ferrari, Porsche, and BMW.

The Tesla Design Collection, which will be available through Tesla’s revamped stores, will include premium leather pieces such as the $400 Moab Weekender Bag, the $300 Aurland Tote, the $100 Men's Touch Screen Leather Driving Gloves, the $100 Bethesda iPad Sleeve, the $40 Lully Pouch, and the $30 Maumee Key Fob Sleeve. Cycling jerseys will also go on sale in Tesla stores in October.

An in-house product design team based in Los Angeles is working on the retail collection. The materials used for the collection come from scraps of interiors of Tesla vehicles. According to Tesla, customers usually buy bags and accessories that match their cars’ interiors. In addition, the company is looking into a twice yearly, seasonal revamp of its stores, similar to the mechanisms of the fashion industry.

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Telling the Tesla story

Tesla’s retail strategy and its store transformation are part of the company’s efforts to tell its story, which industry observers note as an ingenious move for a young firm that is selling a product unfamiliar to most consumers. In the revamped stores, for example, interactive displays will highlight four elements about Tesla’s electric cars: safety, autopilot features, charging networks, and the dual motors that power each axle. Product specialists are also on hand to greet and educate costumers.

The latest Tesla project is also all about luring new customers and keeping current ones, which are critical in reaching the yearly sales goal of 500,000 electric cars by 2020 set by CEO Elon Musk. The company hopes that by making its in-store experience more engaging, it will attract a steady stream of curious shoppers.

From cars to homes: Tesla's move to power society

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Chief executive of Tesla Motors, Inc., Elon Musk, recently announced the company’s intention to expand its capabilities into the home market. In several tweets and reports, Musk revealed Tesla Energy – a branch of the business that will manufacture storage systems or batteries for homes, companies, and utilities. This new line of products, many financial experts agree, is Tesla’s attempt to capitalize on the ever-growing and rapid energy sector.

The need for alternative energy sources has been strengthening over the last few years. What with several politicians, celebrities, scientists, and other personalities calling for reduced dependence on fossil fuels, Tesla’s transition into the energy industry could not have come at a better time. According to Musk, the company’s goal is to "fundamentally change the way the world uses energy on an extreme scale." Tesla’s solution involves self-sustaining storage batteries that work with solar panels. The smallest unit, called the Powerwall, is a mere six-inches, and is hung inside a person’s garage or within the outer perimeters of the house.

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Tesla’s announcement has several implications in the global and local market. For one, many enterprises are now seeing the necessity to move into this industry as well; or begin amplifying their own power sources so that their production or management of their headquarters becomes energy-friendly. Second, many oil and gas companies are slowly feeling the effects of dwindling demand for fossil fuel sources. Recent reports suggest that oil output will reach a plateau in five years – with negligible growth over the same time period. This, combined with the move to make alternative energy sources (particularly solar power) more affordable and easier to harness, has caused many companies to worry about the future of their revenues.

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