NY bill could force Tesla’s exit (IVCPost)
Tesla Motors Inc (NASDAQ:TSLA), Elon Musk’s electric car manufacturer, stated that the New York’s Assembly has set asie a bill that could potentially shut down its New York business. The lawmakers and the lower chamber of New York’s Assembly failed to make a decision as it adjourned its session late yesterday. The legislators in the Assembly will not be able to reconvene for the processing of the decision until January. The bill’s introduction to the Assembly would halt car manufacturers to market their products directly to consumers. Tesla Motors Inc (NASDAQ:TSLA) performs the exact transaction mode as stated in the bill. The bill also stipulates that new vehicles bought outside of New York will not be allowed registration.
Tesla takeover turns tenuous given valuation (Chron)
Tesla Motors Inc (NASDAQ:TSLA), a long-speculated takeover target, just removed a barrier to a deal by paying off a U.S. government loan. The problem for would-be suitors is it’s also become the world’s most expensive carmaker. The loan had contained language limiting Tesla’s ability to sell itself. A purchase probably still isn’t imminent because Chief Executive Officer Elon Musk might not be willing to part with Tesla Motors Inc (NASDAQ:TSLA) and a buyer would have to pay top dollar for a 10-year-old company that just reported its first quarterly profit. The Palo Alto, California-based manufacturer trades for 816 times estimated 2013 earnings, the highest among automakers valued at more than $5 billion, according to data compiled by Bloomberg.
Tesla adds battery swapping system (WindsorStar)
Tesla Motors Inc (NASDAQ:TSLA), the electric-car maker run by Elon Musk, has a battery swapping system for its Model S sedan that’s faster than charging and ensures the car earns maximum zero-emission vehicle credits in California. Musk and Franz Von Holzhausen, Tesla Motors Inc (NASDAQ:TSLA)’s chief designer, demonstrated the system at the company’s Hawthorne, Calif., design studio. The device removes and replaces the car’s 454 kilogram lithium-ion battery with a fully charged one in just 90 seconds, said Musk, who used it to swap packs in two cars faster than an Audi AG sedan could be refilled with gasoline.