Tesla (TSLA) will add 100 new service centers, 350 new mobile service vans and 1,500 service workers as it expands its vehicle service network to prepare to meet the needs of its planned 500,000 new Tesla cars on the road in 2018, CNBC reported.

The company generates about $467 million in revenue from its services business, but the figure is poised to grow as Tesla rolls out the Model 3 and works toward its target of building half a million cars next year. Tesla said it's placing new service centers and vans in areas where there was high demand for Model 3 reservations.

A strong service network is paramount to handling a dramatic increase in the number of Teslas on the road. Service centers can catch glitches with new cars before they explode into the kind of problems that could tarnish the brand's reputation.

Tesla stock traded higher as the market opened.

What's Hot On TheStreet

Watch out, Apple: Louis Vuitton Tuesday unveiled its first smartwatch coined the Tambour Horizon in a bid to cut into Apple Inc's (AAPL) hold on the wearables market, TheStreet reports.

The watch was made in conjunction with Alphabet's (GOOGL) Google and Qualcomm Technology (QCOM) and starts at a lofty $2,450. It works with both Apple and Android devices, and is the first Android Wear smartwatch that functions in China.

Yes, it's Amazon Prime Day: Although many probably have Amazon (AMZN) Prime Day fatigue right now, that doesn't mean they won't be spending aggressively on big digital deals. Amazon stands to ring up more than $2 billion in sales worldwide during the 30-hour sale known as Prime Day, Internet Retailer predicts. The gain would mark about a 21% increase from a year ago. U.S. sales alone are pegged at $1.56 billion, up 20% from last year, TheStreet reports.

Bitcoin has crashed: Traders that have rode the wave higher in Bitcoin via cryptocurrency plays such as Advanced Micro Devices (AMD) and Nvidia (NVDA) may want to reconsider their bullishness. Bitcoin prices entered into bear market territory Tuesday, TheStreet reports, as an embarrassing legal case kicked off in Japan and experts continue to squabble over key changes to the cryptocurrency's infrastructure.

Bye-bye regulations: President Trump late Monday nominated former Treasury official Randal Quarles as the Federal Reserve's top bank supervisor. As TheStreet's Ron Orol reports, the nomination could lead the way to a dismantling of many Obama Administration bank regulations and is one that is expected to send a positive signal for now to big and regional bank stocks. Orol points out that the appointment could boost bank stocks such as Bank of America (BAC) , Wells Fargo (WFC) , Citigroup (C) and Goldman Sachs (GS) in the near-term.

Apple, Alphabet, Wells Fargo and Citigroup are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL, GOOGL, WFC and C? Learn more now.

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Editors' pick: Originally published July 11.

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