Tesla Inc. prevailed in a years-long battle to compete with General Motors Co. and Ford Motor Co. on their turf, with the state of Michigan allowing the electric-car maker to bypass laws against auto manufacturers selling directly to consumers.
The stipulation, confirmed Wednesday by Michigan Atty. Gen. Dana Nessel, is a major victory for Tesla and a blow to dealers and auto manufacturers that have tried to stymie the company in states across the country. It adds to positive momentum that sent Tesla’s market capitalization past GM and Ford’s combined earlier this month. The maker of the Model 3 eclipsed Volkswagen AG on Wednesday to become the second-most valuable carmaker in the world, behind Toyota Motor Corp.
On paper, the first chunk of the award would net Musk about $346 million. But both Tesla’s six-month trailing share price average and its 30-day trailing average must exceed $554.80 before the first tranche of options is released.
Source: Energy Industry News (energyindustrynews.net)
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