NYPD Could Purchase 250 Tesla Cars For Police Force: What Investors Should Know

The nation’s largest police forces could soon be driving electric vehicles from Tesla Inc (NASDAQ: TSLA), according to a Bloomberg report. 

What Happened: The New York Police Department is considering purchasing 250 Tesla Model 3 electric vehicles, valued at $12,360,000. The contract would see the NYPD paying $51,940 per vehicle in a push to transition to an all-electric fleet.

The NYPD added a Tesla Model 3 Long Range AWD to its highway patrol car fleet earlier this year, according to the report.

A purchase of 250 Tesla Model 3s would be a small percentage of the 10,000-plus vehicles in the NYPD fleet of police cars, but could be a sign of a transition to come. The purchase of 250 Tesla vehicles would also mark one of the largest fleet of electric police vehicles in the world, according to CleanTechnica.

Related Link: Tesla Model 3 Saved Fremont Police $4,000 In A Year 

Why It’s Important: Several cities across the country have made the transition for their police departments to electric vehicles or explored the option.

Most cities that made the change saw money savings and lower emissions. Electric vehicles also typically come with lower maintenance costs. All the cost savings could add up for cities looking to cut costs where they can.

The significance of the largest police department in the U.S. adding so many Tesla vehicles to the fleet could cause a ripple effect of other large police departments making the switch or testing electric vehicles.

Ford Motor Co (NYSE: F) has been one of the biggest suppliers of vehicles to police departments across the country. The company is trying to persuade police departments looking for electric vehicles to make the switch to the Mustang Mach-E.

TSLA Price Action: TSLA shares were up 2.44% to $949.56 Friday afternoon. 

Photo courtesy of Tesla.