Electric Vehicle News That Might Be Negative For Tesla
While Tesla Inc (NASDAQ: TSLA) has been ripping over the past three months, the latest electric car news may actually present more competition for the industry leader.
Electrek reported earlier this year, Los Angeles, San Francisco, Seattle and Portland requested an order of 24,000 electric vehicles from automakers. Since then, several cities have jumped on board, including New York, Boston, Denver, Kansas City and Houston, bringing the order up to 114,000.
Tesla's stock sold off earlier Wednesday after Electrek's report first hit.
The move is an effort to make electric vehicles more mainstream and counter the argument that there is no demand for electric vehicles. While the move is an effort to boost cities exposure to electric vehicles, it's unlikely Tesla’s vehicles will be included in the order.
Los Angeles Mayor Eric Garcetti is leading the effort, with his Chief Sustainability Officer Matt Petersen telling Bloomberg, “No matter what President Trump does or what happens in Washington, cities will continue leading the way on tackling climate change."
The order not only would also include police cars, street sweepers and trash haulers; about 40 manufacturers are competing for the contracts, according to Electrek.
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Posted-In: electric vehicles Eric Garcetti Matt Petersen TeslaShort Sellers Rumors Movers Tech
