Tesla asks fanbase to support push to allow direct sales in NY

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San Francisco, Jan 11 | Elon Musk-owned electric vehicle company Tesla is using its “Tesla Engage” platform to ask its fanbase to support a new push to convince the New York governor and legislature to allow direct sales of its electric vehicles in the state.

According to the auto-tech website Electrek, in a post about the situation in New York relayed by Tesla NY Club manager Stephen Pallotta, Tesla argued that the state is behind on electric vehicle adoption because of its direct sale restrictions.

The automaker asked people to contact Governor Hochul and NY Leadership and express their support for direct sales of EVs.

As per the report, there are still some states that prevent Tesla and other automakers from selling directly to consumers.

It is due to old laws put in place to protect franchise dealerships against automakers trying to compete with the people who invested a lot of money into providing a sale and service workforce for them, the report said.

But now those same laws are being used to prevent Tesla and other new automakers who never had franchise dealerships from competing against dealers who sell vehicles from other automakers, it added.

It is being used in an anti-competitive way, the report mentioned.

Several states have changed those direct sale laws to avoid this misuse that gave a monopoly on car sales to third-party dealers.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.

 

Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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