Electric car maker Tesla to move into brand new warehouse in Milton Keynes

Electric vehicle maker Tesla is preparing to snap up for a newly built warehouse in Milton Keynes, property website React News has reported.

The company is ready to sign the lease on one of three large modern units in Merton Drive on Redmoor, they say.

The site once housed the former Arcadia distribution centre, which was previously used by Sir Philip Green’s retail empire Arcadia Group which collapsed in February 2021 owing £800m.

Planning permission was granted two years ago to build a high-quality modern logistics scheme consisting of three warehouse units.

The Tesla warehouse would become a spare parts storage facility, with MK’s transport links making it an idea location.

Elon Musk, who owns Twitter and was recently named once again as the world’s richest man, aims to increase Tesla’s global sales by 50% during 2023.

The Texas-based company lost nearly two-thirds of its value during 2022 and investors expressed concerns over weakening demand. But this year the share prices have risen dramatically as Mr Musk slashed the prices of the electric cars.

Globally it slashed prices by up to 20%, sparking an electric vehcile price war with competitors.

Mr Musk has now revealed plans to reduce the price of cars further by cutting assembly costs by half in the future.

Last year Tesla’s Model Y and Model 3 were the two best-selling electric cars in the UK. The warehouse in Milton Keynes is thought to be part of the company’s plans to increase sales of his cars all over Britain.

This year alone, they hope to sell two million vehicles.