Tesla Motors Inc (NASDAQ:TSLA) takes the lead for green car credit sales in the state of California. Tesla Motors, which is led by Elon Musk, is an auto maker that specializes in electric cars.
Tesla Motors sales
According to Bloomberg, Tesla led sales in California for the zero-admission vehicle credits. Toyota led sales for hybrid autos. Bloomberg‘s Aland Ohnsman added, “Tesla Motors Inc (NASDAQ:TSLA) transferred 1,311.52 ZEV credits from Oct. 1, 2012, through Sept. 30 of this year, 32 times the number of Suzuki Motor Corp, the next biggest seller, according to a California Air Resources Board report yesterday. Toyota transferred 507.5 AT PZEV credits, those generated by its Prius hybrid, and General Motors Co acquired the same number, the report said.”
California doesn’t track trades or prices. However, all car makers that are covered in the program are in compliance with the program. The state has stricter limits and rules regarding pollution than the rest of the United States. The sunshine state also asks auto makers to sell either electric or non-polluting cars in proportion with the market share in the state. By the year 2025, California hopes to have 1.5 million green cars on the road.
Other auto makers listed by the state for garnering ZEV credits from October 1st 2012 to September 30th 2013 include Chrysler, Honda Motor Co Ltd (ADR) (NYSE:HMC) (TYO:7267), Subaru Enterprise Co., Ltd. (TYO:9632), Jaguar Land Rover, and Volkswagen AG (ADR) (OTCMKTS:VLKPY) (ETR:VOW) (FRA:VOW).
Tesla stocks rise
This tally shows credits based on exhaust emissions instead of the numerical units. Interestingly enough, even if it doesn’t sell electric cars in California, companies like Suzuki can still transfer credits that were accumulated in the past. Hybrid-electric car maker Toyota Motor Corporation (ADR) (NYSE:TM) has yet to purchase or sell credits. Bloomberg added, “Tesla Motors Inc (NASDAQ:TSLA) fell 0.4 percent, to $182.80 at the close in New York. The stock has risen more than fivefold this year. The company, intending to be the world’s biggest and most profitable seller of rechargeable autos, has reported ZEV credit sales this year through June worth $119 million, or 12 percent of its first-half revenue. Musk, the company’s co-founder and biggest shareholder, has said such credit sales will decline in the second half from the first six months of 2013.”
Green cars, it seems, are the future.
