Tesla Opens Lower a Day After Michigan Blocks Sales

Shares of Tesla Motors Inc. fell 1.3% at the open Wednesday, a day after Michigan enacted legislation that bans the electric auto maker from selling its cars directly to consumers. Gov. Rick Snyder signed a measure Tuesday blocking Tesla from bypassing dealerships. Tesla had asked its fans to contact Snyder to lobby against the bill, passed by Michigan lawmakers earlier this month. Michigan is home to the "Big 3" auto makers, General Motors Co. , Ford Motor Co. , and Chrysler, a unit of Fiat Chrysler Automobiles NV. Also Tuesday, Germany's Daimler AG said it sold its 4% stake in Tesla for $780 million, although it added it wil continue to buy powertrains for its electric car from Tesla. Tesla shares have gained 55% so far this year, compared with gains of 5% for the S&P 500 index.