Sign in to follow this  
dfelt

Michigan Blocks Tesla Sales in State, Yet State Invests in Tesla

1 post in this topic

G. David Felt
Staff Writer Alternative Energy - www.CheersandGears.com

 

Michigan Blocks Tesla Sales in State, Yet State Invests in Tesla

 

According to the Detroit News, the state of Michigan who two years ago signed into law forcing any company that wants to sell auto's in state must have a franchise to do it, seems to not want to support their own thinking.

 

Detroit News - "Michigan Retirement Fund Boost Stake in Tesla Stock"

 

Seems Michigan just paid $48 million increasing it's stake in Tesla to a state retirement fund holding of 339,623 shares worth $72 million according to the SEC required filing. This represents a .12% of the state $60 Billion retirement fund.

 

What is interesting is this is their second largest holding of auto stocks. First is Delphi Automotive at $94 million, then Tesla at $72 million, Ford at $17 million and GM at $13.7 million. State of michigan owns no stock in FCA.

 

Interesting part of the story is that Tesla has applied for a state license for a dealership. State rep Aaron Miller has introduced legislation that would allow dealerships to be owned by manufactures. Seems a bit contradictory to say the least.

 

Read the full posting at the Detroit News.

Share this post


Link to post
Share on other sites

Your content will need to be approved by a moderator

Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoticons maximum are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  



  • Similar Content

    • By dfelt
      GM Exec calls Musk full of Crap!
      Seems Musk stating his auto's are level 5 capable of self driving is now being called full of crap by GM Exec that says without Lidar, there is no way Tesla system can be Level 5 full autonomous driving. It cannot see in the black of Night nor the difference of a snow covered road. Clearly many use cases that show Tesla to not be a Level 5 autonomous driving auto.
      Interesting read at Autoblog. https://www.autoblog.com/2017/10/16/gm-exec-calls-elon-musk-full-of-crap-autonomy-claims/
    • By dfelt
      400 fired for Performance at Tesla or so they say.
      Seems Tesla fired approximately 400 employees from lowly sales associates to upper level executives all for performance. Yet with the bottleneck of production holding back the ability to actually produce and ship Tesla 3, it seems Tesla is more about laying off costs to stem the flow of cash till they can get the Tesla 3 shipping. Seems to me they will miss their production targets this year big time.
      Tesla Story on web
    • By William Maley
      If you happened to be perusing the Monterey, CA Craigslist this morning, you might have come across an interesting ad.
      Someone had posted an ad for a Tesla Model 3. The vehicle allegedly has about 2,000 miles on the odometer. Like many of Model 3s currently rolling off the production line, this is the long-range variant with a 310-mile range. Other features include a panoramic glass roof, upgraded sound system, and "Aero" wheels. The price? $150,000.
      Our favorite part of the ad is the last line; "THIS IS REAL." Red flag anyone?
      The ad has been taken down since various outlets started reporting on it. There is an interesting reason as to why. If you look at the ad, you'll notice a VIN number of 209. As Electrek notes, Tesla employees and company insiders are the only people getting Model 3s at this time. Customer deliveries are expected to begin this month. If you are a Tesla employee, there is language in the Model 3 ordering agreement that states you cannot sell a Model 3 more than the original price that you bought it for. 
      Electrek was able to confirm this Model 3 is owned by an employee of a Tesla store in Monterey. 
      Source: Electrek, Monterey Craigslist via Internet Archive

      View full article
    • By William Maley
      If you happened to be perusing the Monterey, CA Craigslist this morning, you might have come across an interesting ad.
      Someone had posted an ad for a Tesla Model 3. The vehicle allegedly has about 2,000 miles on the odometer. Like many of Model 3s currently rolling off the production line, this is the long-range variant with a 310-mile range. Other features include a panoramic glass roof, upgraded sound system, and "Aero" wheels. The price? $150,000.
      Our favorite part of the ad is the last line; "THIS IS REAL." Red flag anyone?
      The ad has been taken down since various outlets started reporting on it. There is an interesting reason as to why. If you look at the ad, you'll notice a VIN number of 209. As Electrek notes, Tesla employees and company insiders are the only people getting Model 3s at this time. Customer deliveries are expected to begin this month. If you are a Tesla employee, there is language in the Model 3 ordering agreement that states you cannot sell a Model 3 more than the original price that you bought it for. 
      Electrek was able to confirm this Model 3 is owned by an employee of a Tesla store in Monterey. 
      Source: Electrek, Monterey Craigslist via Internet Archive
    • By William Maley
      Between now and 2022, at least 50 electric vehicles will be launched. They'll be coming from the likes of Volkswagen, Diamler, and General Motors. Heck, even Dyson is getting into the game. But why this rush to get EVs on the road? It comes down to two things, Tesla and upcoming regulations.
      “Nobody doubts that the future will be electric. The car companies dragged their feet with electric. Now they are being dragged into it by Tesla and by regulations,”  said Erich Joachimsthaler, founder and CEO of brand-strategy firm Vivaldi to Bloomberg.
      Tesla makes sense as they have created a cult of personality with rabid fans and somehow selling vehicles like hotcakes. As for the regulations, various countries such as France and Great Britain have announced bans on internal combustion engines in new vehicles in the near future. Other places such as China and the state of California are considering similar bans. China has also introduced regulations meant to cut emissions and pollution by 2030. One of those is for automakers to sell a certain percentage of "of so-called new-energy vehicles -- which include electric cars" to obtain credits to sell models with internal combustion engines.
      But there are questions about this move. For one, how is any automaker going to make money with EVs? At the moment GM loses $9,000 for every Chevrolet Bolt EV sold, while Fiat Chrysler Automobiles loses an eye-watering $20,000 on each Fiat 500e sold. Battery tech is one of the key reasons for this, but new technologies and improvements are helping bring the price down. 
      Also, will consumers embrace this onslaught of EVs? Last year, EVs only made up less than one percent of the U.S. market.
      “Companies are committed to electric cars, but there is little evidence that there is a lot of consumer demand for it,” said Kevin Tynan, senior analyst with Bloomberg Intelligence.
      Source: Bloomberg
  • My Clubs

  • Who's Online (See full list)