NEW YORK (TheStreet) --New Jersey hasn't driven away Tesla, (TSLA), yet. The electric car manufacturer is asking the N.J. Superior Court to overturn a Department of Motor Vehicle's decision that prevents the company from selling cars directly to consumers.
The stock climbed more than 3% Wednesday after the news. And the rise had investors on StockTwits.com maintaining that the momentum darling of 2013 had regained its positive mojo after falling 13% in the past month.
Sentiment on the stock is 69% Bullish, according to StockTwits' analytics.
$TSLA Just checked in. Very pleasantly surprised. Keep it going.- alan goode (@alpagoode) Apr. 2 at 11:49 AM
Earlier this month the N.J. DMV ruled that all auto companies must sell through dealerships and offer vehicle service at sales centers. Tesla sells cars directly to consumers at glossy stores in high-end N.J. malls such as The Garden State Plaza Mall in Paramus and The Mall at Short Hills. The rule would not force Tesla to close stores, but it would turn them into stagnant show rooms where interested customers could only learn about the car and not complete a purchase.
Tesla CEO Elon Musk responded to the ruling with a scathing blog post accusing N.J. Governor Christie of putting the desires of the auto dealer lobby above consumers' best interests. Gov. Christie has said that he is only upholding the law.