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Michigan Blocks Tesla Sales in State, Yet State Invests in Tesla

G. David Felt

By G. David Felt
in Tesla

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G. David Felt
Staff Writer Alternative Energy - www.CheersandGears.com

 

Michigan Blocks Tesla Sales in State, Yet State Invests in Tesla

 

According to the Detroit News, the state of Michigan who two years ago signed into law forcing any company that wants to sell auto's in state must have a franchise to do it, seems to not want to support their own thinking.

 

Detroit News - "Michigan Retirement Fund Boost Stake in Tesla Stock"

 

Seems Michigan just paid $48 million increasing it's stake in Tesla to a state retirement fund holding of 339,623 shares worth $72 million according to the SEC required filing. This represents a .12% of the state $60 Billion retirement fund.

 

What is interesting is this is their second largest holding of auto stocks. First is Delphi Automotive at $94 million, then Tesla at $72 million, Ford at $17 million and GM at $13.7 million. State of michigan owns no stock in FCA.

 

Interesting part of the story is that Tesla has applied for a state license for a dealership. State rep Aaron Miller has introduced legislation that would allow dealerships to be owned by manufactures. Seems a bit contradictory to say the least.

 

Read the full posting at the Detroit News.

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