Tesla gets big Texas win with charging mandate
Pgiam/iStock via Getty Images
Tesla (NASDAQ:TSLA) scored a win in Texas today as the state approved a plan to require its technology in electric vehicle charging stations to be eligible for federal funds, Reuters reported.
TSLA shares closed down more than 3% today.
Texas is the biggest recipient of the $5B program for electrifying U.S. highways. Federal rules require companies to offer the Combined Charging System (CCS), and states can add their own requirements.
Earlier this year, Ford Motor Company (F) and General Motors Company (GM) unexpectedly said they would adopt Tesla's North American Charging Standard (NACS).
Washington and Florida have discussed using TSLAâs NACS, and Kentucky has mandated it.
Some charging companies opposed the requirement citing concerns about the supply chain and certification of Tesla's connectors, Reuters reported.
This week, Tesla (TSLA) launched standard variants for its Model S and X vehicles that are about $10,000 cheaper than the regular versions in a bid to boost demand.
Hargreaves Lansdown analyst Susannah Streeter said the Tesla (TSLA) price cut drive continues to shift up a gear as the company tries to swerve a weaker sales pattern in a tougher economic environment amid greater competition.
The price cut came a day after Tesla (TSLA) reduced the price of Model Y variants in China after deliveries in the country in July dropped to the lowest level this year.
Shares of TSLA are down 27% over the past 12 months.

More on Tesla

Anticipating Tough Times For Tesla
Tesla's Valuation Is Far From Absurd
For Tesla's Superman, Perceived Failures Are Kryptonite
Electric vehicle sticker shock: Tesla introduces cheaper versions of the Model S and Model X
Seeking Alphaâs Quant Rating on Tesla
Earnings data for Tesla