Tesla (TSLA) Gets 15-Day Extension on New Jersey Sales Ban

Tesla Motors (Nasdaq: TSLA) will have an additional 15 days to crank out Model S sales in the state of New Jersey (motto: 'Liberty and prosperity').

CNN Money reports that Jim Appleton, President at NJ CAR (Coalition Of Automotive Retailers), said the trade group would extend the deadline on legislation to ban Tesla's direct sales in New Jersey until April 15th, from an original date of April 1st. The executive said dealers would move to extend the deadline further to keep Tesla in the state, but cautioned that the coalition wouldn't support Tesla selling directly to customers forever.

There needs to be a pathway for them to come into compliance with franchise laws, Appleton noted.

Currently, lawmakers in New Jersey are working on a bill which would allow zero-emission vehicles (ZEVs) to sell directly to customers until they make up around 4 percent of total auto sales. The bill is specifically being tailored to Tesla, given that every other ZEV is sold via the dealership model.

Shares of Tesla are modestly higher Friday morning.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• GLJ Research on Sell Rated Tesla (TSLA): 'We now see FSD as the main reason TSLA’s stock will bleed lower this year'
• Einride shares soar on Tesla Semi partnership with Amazon
• Uber, Lyft trade lower on report of August launch of Tesla's CyberCab