Tesla Motors said Monday it has secured $1.3 billion in secondhand cars and other goods from third-party suppliers, but said it is still looking for a third party to purchase them.
Tesla said it would offer the goods to third-parties if they have a good offer on price.
In a blog post, the electric car maker said the first batch of secondhand vehicles and the first few dozen secondhand products it is selling would be guaranteed secondhand price.
The car maker, which said the guarantee will begin on March 2, 2018, will offer the vehicles to third parties if they offer a better price.
Tesla said the cars and parts will be sold at a discounted price compared to the price of comparable vehicles sold on the second hand market.
The company said the secondhand market is growing fast.
“The demand for secondhand automobiles has been increasing year over year and has been a primary driver for demand for Tesla,” Tesla said in the blog post.
While Tesla expects the guarantee to bring in about $400 million, the company said it may have to raise its expectations.
We have had the opportunity to work with a great team of people over the last six months.
We look forward to working with the new partners and their ability to offer an even better price,” Tesla CEO Elon Musk said in a statement.
Musk said the program will help the company grow the second- and third-hand market, which has seen a sharp rise in demand as automakers like BMW, Audi and Mercedes-Benz look to drive their own electric vehicles.