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Tesla news roundup: Supportive bill proposed in NJ; NHTSA ends investigation

The ongoing dealer fight against Tesla Motors in a number of states continues to evolve, with two bits of news out of Ohio and New Jersey this week. There is good news and, well, good news. And then there's lots more news. In Ohio, the automaker won a compromise bill that won't exactly let Tesla to do whatever it wants, but it will let the company's two existing stores stay open and a third to come online. Tesla sent AutoblogGreen a statement from Diarmuid O'Connell, VP of corporate and business development, on the situation there: We're pleased with the compromise reached in the Senate Committee to amend SB 260 to allow Ohio residents to continue to purchase electric vehicles directly from Tesla at our two existing stores and one additional location in Ohio. Tesla stores are essential to educating customers about electric vehicle technology and building a mass market for EVs. We look forward to continuing to provide our Ohio customers with the full Tesla experience and to further investing in the state by employing Ohioans both directly at our stores and service centers, and through our Ohio-based suppliers of parts and components. Meanwhile, over in New Jersey, Assemblyman Tim Eustace introduced legislation that would reverse the ban on Tesla stores in that state. On Facebook, the EV-driving Assemblyman wrote, "We need to attract companies that will create jobs and promote economic growth. If the governor is unwilling, then the Legislature will get it done." You can read the proposed bill here. Also, coinciding with the announcement of the new titanium underbody shields for the Model S, the NHTSA said it has closed its investigation into three Model S fires and said that, "A defect trend has not been identified." With the political landscape constantly changing, lots of editorial voices are joining the discussion. As The New York Times editorial board says, "the fight with Tesla is not really about this niche company" and basically comes to the same conclusion we did the other day: "Instead of fighting Tesla, dealers should be improving customer service." Possible 2016 presidential candidate Marco Rubio (R-FL) also jumped into the fray, saying on CNBC that he has no problem with Tesla's business model. You can see a clip of that below as well as a short video of a Model S delivery staging area in Europe. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party.

Tesla dropped to 'junk bond' status by S&P

While Tesla Motors' Model S is a piece of pristine, well-designed metal, the company's bonds have now been rated as "junk." But maybe that's better than the other way around. We'll let the investors decide. Standard & Poor's gave Tesla's bonds a 'B-' rating this week, indicating so-called "junk status," Automotive News says. That means investors are saying the company has a relatively high chance of defaulting on its loans. S&P cites Tesla's short history, competition from some very large companies and relatively narrow product line (none of which are new facts), and estimates that investors would be able to recover 30 to 50 cents on the dollar should the company default. Tesla has been issuing billions of dollars in bonds this year to raise funds for its planned gigafactory somewhere in the southwestern US, a project that Tesla estimated will cost $5 billion ($2 billion from Tesla, $3 billion from partners). Tesla said earlier this month that it took a first-quarter loss of $49.8 million, compared to year-earlier net income of $11.2 million. While revenue rose 10 percent to $620.5 million, selling and administrative costs more than doubled while research and development costs jumped 48 percent. And while Tesla's share price has doubled during the past 12 months (it's at around $209 today), the company's liabilities doubled to $3.52 billion from the beginning of the year to the end of the first quarter. There's a short video on the situation from CNN Money below.

Tesla Model S is emissions-free burnout machine after pulling fuses

Add one more feather to the proverbial cap of the Tesla Model S. Road & Track West Coast Editor Jason Cammisa figured out how to make the electric luxury sedan extra frisky and then set about nuking the rear tires with electric-motor torque.
"Holy hell there's a lot of torque here," Cammisa wrote in his notes after pulling a fuse that took the ABS, stability control and traction control offline. That fuse also took out the speedometer and air suspension - no big deal - but power steering and brake assist went out, too, making hooning a parking-lot-only affair.
The best part is that they shot a video to accompany the hijinks, so you can see for yourself how the Model S does. If you want to try it for yourself, just be careful.