In the past 30 days, Tesla Motors Inc (NASDAQ:TSLA)’s stock may have slipped about 13% but it is still up about 50% for the year, Jonathan Marino said in a roundup on The Street of the stock’s price history and recent events connected to the company.
The report about Tesla Motors Inc (NASDAQ:TSLA) was made by Marino as the company is expected to report its performance in the just-ended quarter in early November.According to Marino, Tesla Motors Inc (NASDAQ:TSLA) will also deliver updates about the awaited Model X during its quarterly performance report. The company has not laid out definitive plans as to when exactly this crossover luxury electric vehicle will be delivered to clients.
The Street reports that based on predictions from industry observers, Tesla may deliver the Model X sometime in the second or third quarter of next year.
Meanwhile, Tesla Motors Inc (NASDAQ:TSLA) is in the process of developing new batteries at its plant in Nevada. The automaker recently won massive concessions for the state’s government in order to build its plant in The Silver State.
The company as given about $1.25 billion in tax incentives for its “Gigafactory”. Marino said that the company is in the final stages before ramping up production at this facility.
However, everything is not as excellent as the company may be hoping for as Marino said the company is facing problems in Michigan courtesy of the state’s government. Legislators in Michigan are pursuing a sales ban on Tesla vehicles in the state, Marino noted.
Acccording to The Verge, direct sales in Michigan may be banned by the state through House Bill 5606 which was unanimously passed by the Michigan Senate. The states Governor, Rick Snyder, has until tomorrow to sign the bill into law.
Tesla Motors Inc (NASDAQ:TSLA) shareholders includes Daniel Benton’s Andor Capital Management which reported owning 1.25 million shares in the company by the end of the second quarter.