Tesla Up As New Jersey Allows Direct Sales

Shares of Tesla Motors Inc (NASDAQ: TSLA) moved higher Wednesday amid news that New Jersey Governor Chris Christie had signed a law allowing the company to resume sales in the state.

Christie stated, "I said last year that if the Legislature changed the law, I would sign new legislation put on my desk and that is exactly what I'm doing today. We're pleased that manufacturers like Tesla will now have the opportunity to establish direct sales operations for consumers in a manner lawfully in New Jersey," according to nj.com.

The decision concludes a nearly year-long struggle for Tesla with the State of New Jersey and will allow the company to sell directly to buyers without having to use dealerships.

Shares of Tesla recently traded around $198, up nearly two percent for the session.