Photo: Tesla
Last week, Tesla surprised Wall Street traders with news of profits: 20 cents a share compared to the estimated 20 cents lost people were expecting. The stock grew double digits in a single day, which was also due to the fact that Ellon Musk announced they were setting up shop in China.
Nowadays, opening up dealerships in China is viewed as a sure-fire way to make big profits and investors are jumping at the opportunity. But it seems Tesla's good news was short-lived.
The California company has hit a dead end, as Baosheng Zhan has registered the right to the Tesla name for use on cars back in 2009. Coincidently, that's the very same year when the Model S was revealed as a concept, and Zhan is looking to cash in big on his foresight. Apparently, he wants somewhere around $3 million, which the company is not willing to pay.
China also has a history of protecting the local hustlers over international companies. A few years ago, Apple faced a similar problem and settled on paying $60 million to buy the iPad name.
At the time of writing, 4hours into New York trading, Tesla Stock is trading $5.5 down, a decrease of -3.6%.
The California company has hit a dead end, as Baosheng Zhan has registered the right to the Tesla name for use on cars back in 2009. Coincidently, that's the very same year when the Model S was revealed as a concept, and Zhan is looking to cash in big on his foresight. Apparently, he wants somewhere around $3 million, which the company is not willing to pay.
China also has a history of protecting the local hustlers over international companies. A few years ago, Apple faced a similar problem and settled on paying $60 million to buy the iPad name.
At the time of writing, 4hours into New York trading, Tesla Stock is trading $5.5 down, a decrease of -3.6%.
Google News