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Thursday, January 15, 2015

Tesla's Musk woos Texas lawmakers, talks track, car plant, (NASDAQ: TSLA)

Tesla Motors CEO Elon Musk urged Texas lawmakers on Thursday to ease restrictions on sales of his electric luxury cars as he floated the prospect of locating a new car factory or a test facility for his "hyperloop" mass transit concept in the state.Texas is one of several states that have barred, or strictly limited, Tesla's ability to sell cars directly to consumers through company-owned stores.Owners of franchised car dealerships in several states have lobbied to block Tesla's direct sales operations on grounds that they violate laws designed to protect auto retail franchises from competition from auto manufacturers.Musk has fought to overturn the restrictions, and told an audience at a transportation seminar in Austin that the current franchise laws are "un-Texan."

Tesla Motors, Inc. (Tesla) designs, develops, manufactures and sells electric vehicles and advanced electric vehicle powertrain components. Shares of TSLA fell by 0.43% or $-0.82/share to $191.87. In the past year, the shares have traded as low as $162.40 and as high as $291.42. On average, 5713180 shares of TSLA exchange hands on a given day and today's volume is recorded at 5209953.