We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Tesla (TSLA) News: Leno Boost, Nordstrom Sales, Suspension Complaints
Read MoreHide Full Article
It has certainly been quite the busy week for Tesla Motors (TM - Free Report) . The company has seen itself face fraudulent complaints, get surprising endorsement from a television personality, and announce plans to move car sales into department stores.
NHTSA Probe
Last week, reports surfaced that the National Highway Traffic Safety Administration (NHTSA) was probing Tesla over a problem with the Model S’ suspension. In a strange turn of events, it appears that Tesla was the victim of a series of fraudulent complaints.
As Tesla CEO Elon Musk tweeted, the NHTSA found no safety concern with the car’s suspension. In fact, 37 out of the 40 complaints that the NHTSA received were deemed to be fraudulent. Apparently false location information and vehicle information numbers were used to file the complaints.
I’m sure conspiracy theorists can put together some interesting ideas on why someone would want to create the appearance of a safety issue in Tesla vehicles, but it is interesting at the very least. Luckily for Musk and company, it doesn’t look like any real problem exists right now.
Nordstrom Gallery
Another eyebrow-raising bit of news this week comes from Elon Musk and Tesla’s plan to put its cars up for sale at Nordstrom (JWN - Free Report) . Musk announced that Tesla will open a gallery in the Nordstrom at The Grove, a massive retail complex in Los Angeles.
Tesla will show off its Model X SUV inside a boutique-like setup within the Nordstrom store. Tesla staff members will also be on-site offering test drives to interested customers. As of now, Tesla does not have a sales license for the gallery, meaning that the actual purchase of a vehicle would have to take place at the nearest Tesla store, although the company is looking into getting a license soon.
Based on the performance of the gallery and the feedback from customers, Tesla and Nordstrom will look into expanding their partnership. Nordstrom operates 121 stores in North America, as well as 200 of its Nordstrom Rack discount stores.
Leno’s Garage
Finally this week, Tesla received a somewhat random endorsement from former late-night television host Jay Leno. Leno appeared at the New York Stock Exchange on Tuesday to ring the opening bell and promote his new show, “Jay Leno’s Garage.”
Speaking to CNBC after ringing the bell, Leno commented on the current state of the American economy and his opinion on Tesla.
“I don't understand why people attack this car. It is made in America, by Americans. It is built local. You know we are becoming like the British — we like noble failures more than we reward success,” said Leno.
In many ways, Leno’s comments make sense. His television show clearly proves his status as a “car guy,” and I don’t think he’s off-base with his take on Tesla. Does Tesla get too much flack? You’ll get mixed opinions on that, but Tesla was trading as much as 2.2% higher today following Leno’s comments.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Tesla (TSLA) News: Leno Boost, Nordstrom Sales, Suspension Complaints
It has certainly been quite the busy week for Tesla Motors (TM - Free Report) . The company has seen itself face fraudulent complaints, get surprising endorsement from a television personality, and announce plans to move car sales into department stores.
NHTSA Probe
Last week, reports surfaced that the National Highway Traffic Safety Administration (NHTSA) was probing Tesla over a problem with the Model S’ suspension. In a strange turn of events, it appears that Tesla was the victim of a series of fraudulent complaints.
As Tesla CEO Elon Musk tweeted, the NHTSA found no safety concern with the car’s suspension. In fact, 37 out of the 40 complaints that the NHTSA received were deemed to be fraudulent. Apparently false location information and vehicle information numbers were used to file the complaints.
I’m sure conspiracy theorists can put together some interesting ideas on why someone would want to create the appearance of a safety issue in Tesla vehicles, but it is interesting at the very least. Luckily for Musk and company, it doesn’t look like any real problem exists right now.
Nordstrom Gallery
Another eyebrow-raising bit of news this week comes from Elon Musk and Tesla’s plan to put its cars up for sale at Nordstrom (JWN - Free Report) . Musk announced that Tesla will open a gallery in the Nordstrom at The Grove, a massive retail complex in Los Angeles.
Tesla will show off its Model X SUV inside a boutique-like setup within the Nordstrom store. Tesla staff members will also be on-site offering test drives to interested customers. As of now, Tesla does not have a sales license for the gallery, meaning that the actual purchase of a vehicle would have to take place at the nearest Tesla store, although the company is looking into getting a license soon.
Based on the performance of the gallery and the feedback from customers, Tesla and Nordstrom will look into expanding their partnership. Nordstrom operates 121 stores in North America, as well as 200 of its Nordstrom Rack discount stores.
Leno’s Garage
Finally this week, Tesla received a somewhat random endorsement from former late-night television host Jay Leno. Leno appeared at the New York Stock Exchange on Tuesday to ring the opening bell and promote his new show, “Jay Leno’s Garage.”
Speaking to CNBC after ringing the bell, Leno commented on the current state of the American economy and his opinion on Tesla.
“I don't understand why people attack this car. It is made in America, by Americans. It is built local. You know we are becoming like the British — we like noble failures more than we reward success,” said Leno.
In many ways, Leno’s comments make sense. His television show clearly proves his status as a “car guy,” and I don’t think he’s off-base with his take on Tesla. Does Tesla get too much flack? You’ll get mixed opinions on that, but Tesla was trading as much as 2.2% higher today following Leno’s comments.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>