with the Dow falling 0.59 percent, NASDAQ falling 0.48 percent, and the S&P 500 falling 0.83 percent for the week.
Tesla Sales Strong in China, Goldman Sachs Says
Last Tuesday, analysts at Goldman Sachs released a positive note about TSLA, saying that demand for the Model S is strong in China. There are reservations for 4,000 cars, the note said, and a waiting period for the cars that has increased from four to six months.
Despite the popularity of Tesla cars in China, Tesla may face an obstacle in becoming established there, according to the Wall Street Journal. Setting up home charging stations is a challenge in a country where nearly three-quarters of urban families live in multifamily housing, rather than single-family homes. When Tesla owners don’t have a private garage, the six-foot-high charging stations have to be installed in the street or in shared garage space — and getting the approval of property managers is sometimes difficult.
Tesla to Double Its Hong Kong Workforce.
The Hong Kong government, which is committed to sustainable technologies, announced on Thursday that Tesla will double its workforce there. The territory’s small size means that electric-vehicle owners will only have to charge their vehicles once per week, making electric cars highly practical and convenient. Tesla hopes Hong Kong will become the “Norway of Asia” — a showcase for the adoption of electric-vehicle technology.
Iowa Auto Dealerships Keep Tesla From Offering Test Drives
In some states, Tesla has been winning victories in its ongoing battles with dealership organizations, which are trying to make Tesla’s direct-to-consumer sales model illegal. In Iowa, however, the dealerships won a round this week. The dealerships and the Iowa Department of Transportation stopped Tesla from offering test drives at a special event. saying the test drives would violate state law because Tesla is not licensed as an auto dealer in the state.
New Supercharger Station in Oxnard
A new supercharger station in the Southern California city of Oxnard will enable Tesla drivers to go from Los Angeles to Santa Barbara and back with only a 30-minute stop for refueling.
4-Wheel Drive Model S Coming Soon
Tesla is expected to start selling a 4-wheel drive version of its Model S within the next three months. With better capabilities of driving in snow, this new version could extend Tesla’s market range to reach to more customers in snowy areas of Europe and the northern states in the U.S.
First Trust NASDAQ Clean Edge Green Energy Index Fund — QCLN
TSLA continues to be a volatile stock, in some weeks beating the market by a large margin, in other weeks lagging behind. To invest in TSLA while reducing your risk, consider an ETF like QCLN, which has 7.80 percent of its holdings in TSLA as of Sept. 29, 2014.
By Michelle Cook, ETF Daily News