Tesla Charging Stations Approved For Turnpike Rest Areas

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Tesla Charging Stations Approved For Turnpike Rest Areas
Blomst / Pixabay

Tesla Motors Inc (NASDAQ:TSLA) was considering building four electric charging stations at two New Jersey Turnpike service areas, and the proposal was approved on Tuesday, according to a report from NJBIZ. The charging station installations are to be undertaken in two areas of Middlesex County, namely the Molly Pitcher and Joyce Kilmer service areas.

New stations operational by year end

Tesla submitted a request to the Turnpike Authority to fund and build the charging stations last year, noted spokesman Thomas Feeney for the Turnpike Authority. The permission could be granted only after a thorough investigation of the service areas in which the charging stations were proposed to be located. It was confirmed by the authority staff that said stations do not interfere with other operations.

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“Tesla was looking to offer their drivers a place to power up,” Feeney said, adding that there are a couple of other charging stations alreaddy in the state.

The chargers for electric cars manufactured by Tesla cannot be used in electric cars from other manufacturers. However, the infrastructure for other electric car manufacturers is being built by Tesla to set their own installations. These stations are expected to become operational by year-end. Feeney also noted that no additional requests have been received by the Turnpike Authority for the electric vehicle charging stations. These installations will not pose any cost to toll payers.

Tesla may have a “noisy” 3Q

A recent report from Goldman Sachs noted that Tesla’s third-quarter results could be “noisy.” The Goldman analysts remain “sidelined for now,” and have placed a Neutral rating on the stock with a six-month price target of $210. Owing to a two-week production shutdown in the third-quarter, the waiting time for the vehicles have spiked again. For Chinese users, the wait time is over five months, while in the U.S. the wait time is for three months, noted the report. Analysts also noted a need for an additional $6 billion of capital, which the company would raise from external funding, even though the company is capable of self funding.

On Tuesday, Tesla shares were up 0.15% to $250.41, and year to date, shares are up over 64%.

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