Tesla Strikes Deal With New York

Shares of Tesla TSLA may get another boost after moving almost nine percent higher Monday.

New York Gov. Andrew Cuomo signed legislation that will allow Tesla to maintain its five retail locations currently in New York.

Related: Why Tesla Is Up Over 8%

Cuomo commented on announcement, “New York’s franchised auto dealers and manufacturers as well as innovative companies like Tesla are critical to our state’s economy, and this bill ensures that both sides will thrive and be able to grow the market for cutting edge zero emission vehicles. I want to thank our legislative leaders for supporting this agreement, which is a success for all parties.”

The agreement that was first announced by Tesla in March is even being supported by leaders of automobile associations.

Shares of Tesla have gained 0.2 percent in after-hours trading to $224.61.