Editor's Note: Related tickers: Tesla Motors Inc (NASDAQ:TSLA)
Tesla Jumps to Record After Analyst’s Note (Bloomberg) Tesla Motors Inc (NASDAQ:TSLA) surged to a record intraday high after a Jefferies Group LLC analyst almost doubled her price target for the maker of electric cars and increased estimates of its 2013 deliveries. Tesla gained 7.1 percent to $114.95 at 11:31 a.m. New York time after rising 8.8 percent to $116.20. Shares of the Palo Alto, California-based company more that tripled this year through June 28, compared with a 13 percent rise for the Russell 1000 Index. Elaine Kwei, an analyst for Jefferies, today raised her price target on Tesla Motors Inc (NASDAQ:TSLA) to $130 from $70 and increased her estimate of 2013 Tesla production to 21,500 Model S sedans from 19,800. Kwei also boosted her estimate for Tesla’s second-quarter output to 5,000 from 4,500.
Tesla may take dealer fight to feds (AutoNews) With the 2013 legislative season drawing to a close in many states, Tesla Motors Inc (NASDAQ:TSLA) is keeping its options for a federal challenge open after mixed results this year in its rift with dealers over its direct-selling model. Over the next month or so, Tesla will re-evaluate and consider its strategy for the next 18 months, said Diarmuid O'Connell, Tesla Motors Inc (NASDAQ:TSLA) vice president of business development. He expects dealers will continue their state-by-state efforts to try to shut down Tesla-owned dealerships or prevent them from opening. ...Tesla Motors Inc (NASDAQ:TSLA) wants to sell its electric vehicles directly to consumers through its own dealerships, but dealer franchise laws limit factory stores in most states.
Tesla Fans Have 5 Days Left To Get The White House's Ear (Forbes) Tesla Motors Inc (NASDAQ:TSLA) is facing a stiff fight in a number of states to sell cars at its company owned dealerships. Now, fans of Tesla have just five more days to get the attention of the White House. Supporters of the electric car company started a petition to the White House last month, asking for support for Tesla Motors Inc (NASDAQ:TSLA)’s sales model. They need 100,000 signatures by Friday. As of Monday morning, the group had assembled just under 75,000. The petition asks that Tesla be allowed to sell to consumers in all 50 states. It reads, “States should not be allowed to prevent Tesla Motors Inc (NASDAQ:TSLA) +6.28% from selling cars directly to customers. The state legislators are trying to unfairly protect automobile dealers in their states from competition.
US-made Electric Car Tesla To Be World's Best (Bernama) A newly opened Tesla Motors Inc (NASDAQ:TSLA) car store in Brea Mall in Southern California has attracted many visitors with its luxury design cars, equipped with the ability to run 260 miles (400 km) with one charge, reports China's Xinhua news agency. To the surprise of many visitors, the Tesla Motors Inc (NASDAQ:TSLA) cars are totally different from the cars people are driving now -- no engines, no oil tanks, no water cooling systems, no transmission, and of course, no emission. The dashboard is also distinctive. Traditional mechanic switches have been replaced by a 17-inch automotive touch screen, through which nearly all controls are done. There is more inside room and load space: besides the traditional rear trunk, an additional trunk takes shape out of the space traditionally designed for the engine.