Tesla Faces Accelerating Rate of Model 3 Refunds (recode.net) 174
According to new U.S. data from analytics company Second Measure, Tesla is facing an accelerated rate of Model 3 refunds. As of the end of April, some 23 percent of all Model 3 deposits in the U.S. had been refunded. "Model 3 deposits are fully refundable up until the customer configures a car by selecting features and paying an additional fee of $2,500," notes Second Measure. "After configuration, vehicles are typically delivered in just a few weeks." Recode reports: These cancellations aren't necessarily bad for Tesla, since its production rate is nowhere near as high as it needs to be to fulfill the more than 450,000 reservations it still has. Last quarter, it delivered just 8,180 Model 3s. Presumably, potential Tesla customers could make a deposit again when production is more regular. The potential longer-term harm would be in alienating them so that they choose a different brand of car altogether. About 60 percent of Model 3 reservations so far in the U.S. were made back in April 2016, when Tesla first began taking deposits. About 18 percent of the total refunds on the Model 3 happened this past April, the largest share out of any month, according to Second Measure. That's when Musk explained that Model 3s would be delayed six to nine months. A Tesla spokesperson said that Second Measure's data does not align with its internal data, but would not be more specific as to how far off it is. But the analytics company's numbers did match up to Tesla's numbers last August, "when CEO Elon Musk disclosed that there were 455,000 net reservations out of 518,000 gross reservations, suggesting 63,000 cancelations and a 12 percent cancellation rate," reports TechCrunch.
16 years (Score:1)
its production rate is nowhere near as high as it needs to be to fulfill the more than 450,000 reservations it still has. Last quarter, it delivered just 8,180 Model 3s.
Only 14 more years to go. Imagine paying full retail for a 2002 model year car.
I'm just here to trigger Rei. We might have to wait for him to clock back in to get a response.
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'Where's Rei' is sorta like 'Where's Waldo' although it's far more obvious when he appears.
There are rumors going around that Rei is Elon Musk's handle. Rei's comments are always complete and comprehensive, like an Elon Musk press conference.
You don't think Musk has a Slashdot account??
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Rei does not hide who she is.
https://www.model3ownersclub.com/members/karenrei.7284/ [model3ownersclub.com]
I enjoy reading her comments here. She's interested in Telsa and reads several Tesla discussion boards so she often posts facts I had no idea about before they are common knowledge. She does post prolific answers about Teslas but she provides references to back up things she claims, which puts her way ahead of most on Slashdot.
If you really don't like seeing what she posts, use the "Enemy" feature on Slashdot and it will e
Re:16 years (Score:5, Informative)
You don't think Musk has a Slashdot account??
His sheer levels of productivity suggest otherwise.
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The Tesla factory actually build 5,000 a week. The hold up is that Elon Musk needs to sit in each one and fart to give it that distinctive "Elon Musk" smell.
That's why he's sleeping at the assembly line and having taco bell delivered. They've also got top scientists examining his asshole so they can recreate the smell, but it's a hard problem!
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> Imagine paying full retail for a 2002 model year car.
Are you kidding me?
If I could buy a factory new 2002 Toyota Supra, I'd do it without a second of thought. A few years ago, I bought a low mileage 1989 Supra with a blown engine, spent less than $10,000 dollars on it, and have a 460hp car that I love. It's my daily driver. I could resell it with a 50% profit without trying... this does not include my labor, but I enjoyed it.
But to get my hands on low miles Mk IV? One that no one has abused, or s
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That's pretty unusual though. Most 16 year old cars sell for pennies (or dimes) on the dollar.
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Thats exactly what i did, too, fwiw.
cw
Who's paying for the PR hit campaign against Musk (Score:2, Interesting)
Two front-page, back-to-back stories maligning Tesla and Space-X, by the same submitter.
Who's paying for this?
Re:Who's paying for the PR hit campaign against Mu (Score:4, Funny)
Who's paying for this?
I am. It's cheaper than bribing Donald Trump to raise tariffs to crush my competition.
Short sellers (Score:5, Interesting)
Tesla is the most shorted stock in history [cnbc.com].
This gives many, many people an incentive to trash-talk the company, so that the stock tanks and they can make money.
"Oh, but wait: if you look at the numbers this way, it shows that Tesla will crash and burn any day now."
or,
"Musk is a serial liar, literally nothing that comes out of his mouth is true. The company is run by incompetent nincompoops and Musk is one bad day swsy from a psychotic break"
Tesla will either crash and burn, or be completely out of the woods, in 3 months. Call it 6 months just for some wiggle room: by the end of the year, Tesla will be either gone or a rock solid investment.
What you are seeing is a bunch of last-ditch efforts to try and crash the stock so people can make some money from it.
Fortunately, many Tesla investors have realized that news reports about Tesla don't matter (I read one report that said exactly that, but can't find it ATM). They're going to wait out the summer storm and see a stronger, better company in the Fall.
Stock prices have dipped *slightly* over the last month, but have largely recovered [google.com].
Investors are keen to wait out the storm. Check back in 6 months time.
Re:Short sellers (Score:5, Interesting)
Tesla is already worth more on the stock market than Ford Co. It needs perfect execution and exponentially growing sales to the point of one of the world's largest automakers to be worth CURRENT price, let alone any growth at all. This is clearly what we used to call "irrational exuberance".
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What does that have to do with the viability of the company?
Speculators are speculators, playing games with the stock price, creating clickbait news stories to match their own personal agendas.
None of that alters Tesla's cash flow or how many cars are being shipped.
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History. I remember this little company called Apple Computer back 10-12+ years ago. It was the same shit then, and it gave an opportunity to make money as a bull or bear because of the manipulation.
Tesla’s bull case is Elon Musk. Period. Their bear case is Ford. If you just think they are a car manufacturer, shorting makes sense. Me, I’m long Tesla (and Musk).
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People seem to forget that Tesla is not just a car maker - that's just the most visible product line.
They are also a grid-scale energy company, with gigawatts of installed PV solar and hundreds of megawatts of battery storage evening out regional grids in the western US, Europe, and Australia. The reason some people are still alive in Puerto Rico after the hurricane: Tesla batteries and solar panels.
They might not sell as many cars as Ford, but they sure install a hell of a lot more energy production and s
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it's not just because someone out there has a big hate-on for Musk
Nor could it be just because they want to make a profit...
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Stock prices have dipped *slightly* over the last month, but have largely recovered
Yet every time the price goes up a few points, we see an article about how its soaring. And every time it dips a few points, we see an article about how its plummeting.
Re:Short sellers (Score:5, Informative)
Tesla will either crash and burn, or be completely out of the woods, in 3 months. Call it 6 months just for some wiggle room: by the end of the year, Tesla will be either gone or a rock solid investment.
There is an excellent graph of Tesla's free cash flow [arstechnica.com] that supports this.
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Are you talking about the graph that shows it growing exponentially more negative with a few returns to just about positive between models?
The problem is that the debt required to finance all those long red bars (and more to come because Tesla has already announced more new models to be developed) might eat all the positive cash flow and more. If you were looking to buy some stock and you saw that graph without knowing it's Tesla, would you put money in? I wouldn't.
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I'm sure Elon Musk doesn't care about whether you want to invest in his company or not.
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I'm sure Elon Musk doesn't care about whether you want to invest in his company or not.
Actually, he does, though he's much more concerned about the institutions who own the bulk of TSLA. Because if the stock price drops enough then he'll be margin called on the loans he took out against his shares. He'll be forced to sell his own position in the company. It'll be an interesting show to watch. Six or so institutions, along with Musk, own ~75% of the shares. Once one of them gets spooked enough by the deteriorating financials and starts dumping, that could trigger the others to start dumping, w
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I think the point is that if he didn't invest all the cash immediately into the next model, he'd be able to make some nice green bars.
If he puts off the next model a few years, it stands to reason he could have some nice big green bars off the model 3.
Whether he will do that or invest in the next model right away is a different story.
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Are you talking about the graph that shows it growing exponentially more negative with a few returns to just about positive between models?
Yes
The problem is that the debt required to finance all those long red bars (and more to come because Tesla has already announced more new models to be developed) might eat all the positive cash flow and more.
If Tesla is able to generate a positive cash flow once the production issues are ironed, then Tesla has a value; even if it goes bankrupt because of its debt, Tesla will continue to exist after its assets (and its brand) are bought by a major actor.
If you were looking to buy some stock and you saw that graph without knowing it's Tesla, would you put money in? I wouldn't.
I am not a gambler; I would neither put money in Tesla nor short it.
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Tesla is the most shorted stock in history [cnbc.com].
This gives many, many people an incentive to trash-talk the company, so that the stock tanks and they can make money.
Investors don't short stock in hopes that trash talk brings the price down, they short based on the risks to success they feel exist, the financial sheet, and the ongoing performance of the company in general. There are many more people long on Tesla which would mean even more incentive out there to 'hype' the company.
Again, millions is more than thousands (Score:2)
> Tesla will either crash and burn, or be completely out of the woods, in 3 months. Call it 6 months just for some wiggle room: by the end of the year, Tesla will be either gone or a rock solid investment.
Tesla's current stock valuation has them bigger than General Motors, Ford, or Toyota. Let's look carefully at TFS:
--
Last quarter, it delivered just 8,180 Model 3s
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There are about a dozen companies which each delivered MILLIONS of cars in that time frame. Nissan, Honda, Daimler, Fiat - all of these comp
Btw, not even the biggest electric car company (Score:2)
I mentioned their stock price says Tesla is the world's largest company (though they sell thousands of cars, while real car companies sell millions). The fanbois then typically say "but they make *electric* cars, and electric cars are the future." Okay, but you should know Tesla isn't the biggest electric cass maker either. The biggest electric car maker would be either Nissan or one of a three Chinese companies. The Chinese companies are intertwined, and sales figures are hard to come by, but the majority
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People talk about some upcoming need to raise capital as though it's imminent bankruptcy. Is it? Suppose it happens? What if the CEO calls up a few billionaire friends and $200 million is invested fairly rapidly in refinacing upcoming debt. Sure there's some dilution and the stock price goes down temporarily, but then what's the future outlook at that moment?
The technology is capable, gross margins look favorable, production is increasing and there's no longer imm
Time it just right (Score:2)
Give me a break. People don't invest based on Slashdot stories. TSLA stock is down 15% in the past year, and the NASDAQ is up 20%. But at least you get those sweet TSLA dividends!
You're right.
The smart move is to put your money elsewhere while the rest of the market rises, then switch to Tesla just barely before the stock shoots up again.
When will that be, exactly?
Also, Tesla is up 200% from 5 years ago. I don't want to spend the time and sanity tracking day-to-day stock prices, so purchasing and just waiting long-term is a valid option. I think the market in general is only up 30% over that same period.
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Re: Time it just right (Score:1)
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Really?
Then where are the 300+ mile range EVs from literally ANYBODY else?
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Re: Time it just right (Score:4, Interesting)
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Re:Time it just right (Score:5, Informative)
What profits??? Tesla has NO PROFITS.
Wow, this isn't the first time you have said this right here on Slashdot. I remember you saying it, and I remember the flurry of posts trying to educate you as to why you were mistaken on this point. I guess you just didn't learn anything. Or maybe you prefer alternate facts?
Tesla is believed to make over $20K per Model S and Model X. https://www.fool.com/investing/general/2016/03/27/how-tesla-motors-could-be-profitable-if-it-wanted.aspx [fool.com]
Tesla is expected to make about a 25% profit margin on each Model 3 once they hit the production rate of 5000 cars per month. https://cleantechnica.com/2018/05/14/tesla-model-3-gross-margins/ [cleantechnica.com]
It's dishonest to take all the money they make on car sales, then divide it by all the expenses they have (R&D, building out the Supercharger network, etc.) and claim that they are losing money on each car sold. No, they are making money on each car sold, and then spending it all, plus more money they borrowed, on all their growth plans. https://cleantechnica.com/2018/05/13/why-tesla-is-a-very-profitable-company-tesla-bankwuptcy-explained-part-2/ [cleantechnica.com]
Note that GM is believed to lose about $9K per Chevy Bolt sold; the car only pencils out because of EV credits. Tesla is on track to make more money per Model 3 than GM loses. If GM wants to get serious about EVs, then GM needs to invest heavily in battery technology the way Tesla did. https://cleantechnica.com/2018/04/02/tesla-model-3-competitive-advantage-costs-10000-less-to-make-than-chevy-bolt/ [cleantechnica.com]
Not only is Tesla now very cost-efficient on battery cells due to having their own factory, they have developed their own next-generation battery pack technology. According to this teardown the Tesla Model 3 battery pack contains advanced technology unlike anything that came before. If you like geeky discussions of technology, you will enjoy reading this link: http://evtv.me/2018/05/tesla-model-3-gone-battshit/ [evtv.me]
Elon Musk has said that 2018 is going to be the year where Tesla starts making money. He has a simple plan: cut any excessive expenses (such as contractors that hire subcontractors that hire subcontractors; Musk compared this to a "Russian Doll") and get Model 3 production above 5000 per month. You will only have to wait a few months to see if he was correct in this prediction. https://techcrunch.com/2018/04/13/elon-musk-says-tesla-will-be-profitable-in-q3-and-q4/ [techcrunch.com]
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Right, but from an investment point of view a company with a solid gross margin and high R&D is a decent (though still risky) bet. The fundamentals seem to be in place that Tesla could be significantly profitable in the future.
The biggest risk I see is that if they continue losing cash then that'll cause a schism in the board between those who want to try and make the mass market car work versus those that want to cut their losses and go back to selling luxury cars only. That has the potential to get ug
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Right, but from an investment point of view a company with a solid gross margin and high R&D is a decent (though still risky) bet. The fundamentals seem to be in place that Tesla could be significantly profitable in the future.
The biggest risk I see is that if they continue losing cash then that'll cause a schism in the board between those who want to try and make the mass market car work versus those that want to cut their losses and go back to selling luxury cars only. That has the potential to get ugly.
I would not call Tesla's numbers 'solid gross margin'. Mainly because that margin is negative on base price and required up-sell, even in markets with little or no competition. They don't yet have the mass market product and price point with a positive margin. They've still got share in the luxury market to take, but that is limited and doesn't promise recovery of capital on its own.
If they can continue to increase production and lower costs while up selling, they can turn the corner as they work on the
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Tesla is believed to make over $20K per Model S and Model X
That seems to be the margin before all the warranty work on the car though.
Take the Model X drive unit. There was a design flaw that caused it to start vibrating under acceleration and eventually all the time after a few thousand miles, if that. At first they replaced them with identical ones. By early this year they seemed to have developed a new model that was more reliable, but by then some people had had two replacement drive units.
That's just one example but if you check the Tesla forums there are endl
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"I remember people on Slashdot saying just about the same thing for Amazon."
OTOH, I also remember folks in the 2000s saying that GM wasn't making profits and was headed for trouble. And indeed, GM -- once the world's wealthiest company -- filed for Chapter 11 bankruptcy on June 1, 2009. Sometime the naysayers are right y'know.
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False.
Each car has positive margins. Tesla also has other business that isn't cars - they operate several gigawatts of PV solar, and build grid-scale energy storage systems for grid operators.
You are conflating product margin on just cars (which is positive, per required paperwork filed with the SEC) with overall EBITDA (currently negative due to capital spend on growth - assembly lines to build cars aren't free, and neither is the real estate required to build out EV charging stations). Are you saying th
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Then how will they magically become profitable by selling more, which has been stated over and over in multiple official capacities?
I ask again, are you claiming that they're just straight up lying on officially required paperwork, opening themselves to perjury and civil suit from the SEC? Or is it more possible that you're just wrong?
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They cannot become profitable by selling more with the same model that they have. They would need to redo their entire organization, and slash quite a bit of COGS expenditures, in order to turn a profit.
Here are the financials from Q4 2017 [nasdaq.com]. They have a $2.2 billion gross profit, but they spent $2.5 billion on sales, general, and admin. That is a $300MM loss BEFORE we even talk about R&D or interest expenses. Cost of goods sold - the cost to make and sell the product - is a net loss. That's befor
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I usually ignore ACs, but in your case, you're special (in the short-bus meaning of the word)...
Here is the same data for the last 4 quarters [nasdaq.com], with the most recent being March 31, 2018. This is for TESLA stock - meaning, everything that TESLA owns, and operates. This would include Solar City, etc. You cannot legally report only part of your corporate income or expenses - you have to report EVERYTHING that your company receives and spends.
Looking at the data, you'll see that for Q1 2018 (which ended 2 mo
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Two front-page, back-to-back stories maligning Tesla and Space-X, by the same submitter.
Is either story untrue? Both seem easy to fact-check.
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Re:Who's paying for the PR hit campaign against Mu (Score:5, Interesting)
Is either story untrue? Both seem easy to fact-check.
Something doesn't need to be true or false in order to achieve a goal of crediting or discrediting something or someone. One can always find positive and negative things about everyone and almost anything. The positive or negative bias comes with which stories run with which spin.
You can see this in articles we discussed on the weekend: "Smartphone shipments are down for the first time in 2017" was quickly spun in the comments to "Apple smartphones defiant against an android slump in 2017" Both are true, both are based on the same data, and both drive different agendas from the person making the comments.
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And here we see the force of the Cult Of Elon (as well as the general tendency of internet posters to exaggerate) - facts are now "maligning".
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Who's paying for this?
Not everyone needs to be paid to shit on things or people they don't like.
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I have to agree with you. Over the past several months there have been lots of "dump Tesla" - some even including the upfront "we're short on Tesla." They sure are good at getting free press from the media. You'd think Tesla was about to go under - being short on cash etc.
But that said. If I had put down $1,000 several years ago waiting for a $35,000 car only to find out that the car isn't coming out anytime soon....I might cash out. Why lend them $1,000 when I can just wait for the actual car to be
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Plus, the big thing that deterred me from putting down money in the first place was that it was quite clear that the combination of the $35k car and the full federal tax credit was pretty much a pipe dream. I expect a lot of people though they would get both of those and effectively have a $28k car, but in reality nobody is getting that.
Re:So 23% cancelations is not bad? (Score:5, Insightful)
I'm on record as being anti-Tesla corp, there really isn't precedent for pre-ordering mass market cars (just rare ones e.g. BMW M2 or early Ferraris) and at the end of the day Tesla got to earn interest / avoid borrowing 400-million dollars for a couple years.
Honestly it should be higher, I imagine most of the people pre-ordering were given the false impression they'd have their cars or an order date last years. You can't plan your life around promises from a car manufacturer, I suspect there will be a lot of people cancelling when they get the opportunity to order as they'll be locked into leases or finance deals.
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They're realigning demand and supply to give a ... umm ... more synergistic value chain proposition.
(Rei is on holiday)
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Years ago (1998) I put my money down on a not-yet-released VW "New" Beetle. The car was announced around January and had a late-spring/early-summer ship date. I was 3rd in line at my local dealership with cash in hand on the first day they started accepting down payments.
And I waited excitedly for several months until finally it arrived. Of course I worked right across the street from the dealership so I could see the trucks coming and going. Mine wasn't on the first truck - but when I saw a truck w
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So how many of these are instead buying other Tesla models or in the used market?
Simple Solution (Score:5, Interesting)
Deliver on your promises or be prepared to reap the whirlwind that follows.
These days, people have little patience for waiting.
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Democrats have been slowing down the confirmation process [thehill.com], so that Trump has many fewer people in place than other presidents at this point in their term.
Nope, actually, it's Trump's lack of nominees [washingtonpost.com].
Good little lemming on blaming Democrats. Like for the embassy [usatoday.com]. You know, for the country that disinvited him [nbcnews.com].
Admittedly, it's within the rules and an aspect of Democratic resistance that is actually succeeding.
Kinda [afj.org] your own practice [wikipedia.org] really.
Not exactly a success [religiondispatches.org] though.
That kind of ruling is what causes Civil Wars.
It's hurts the country but it does slow down Trump's agenda, and that's what matters most.
Actually, Trump's agenda of trying to put crazy shits [npr.org] in office is what's going to hurt the country.
Fortunately for him, his base is more concerned that heattacks [philly.com] the people who don't stand for the national anthem.
It's ok, he doesn't actually have
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After the tax rebates it's a $45,000 car, which isn't far from the initial promise of a $35,000 car.
What the fuck? How the fuck can you afford a $45k car with arithmetic skills that bad?
August 23, 2020 (Score:1)
I will put that as my guess for the day that Tesla announces bankruptcy.
Re:August 23, 2020 (Score:5, Insightful)
Peanuts compared other car makers (Score:3, Informative)
Re:Peanuts compared other car makers (Score:5, Insightful)
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It is slightly disingenuous to solely look at gross debt, and no doubt the auto business is one of the most highly debt intensive businesses out there. But the life blood is consistently positive operating cash flow, if that's not robust then you might as well turn the lights out.
Ford [marketwatch.com]: $18.1B
GM [marketwatch.com]: $17.3B
Tesla [marketwatch.com]: ($60M)
(After a run-through of the 10-Q, I'd be highly surprised if Tesla's suppliers aren't already demanding COD. There's strong hints that unit gross margins are actually negative (!).)
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Ouch. That makes these refunds hurt that little bit more.
the life blood is consistently positive operating cash flow, if that's not robust then you might as well turn the lights out
Essential to any business. It's not the debt, the profit, even the revenue. It's the ability to meet all your commitments without needing to borrow more money.
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Tesla has debt. Heaping mountains of debt with loads piled on every day. Here it is in black and white: http://ir.tesla.com/secfiling.... [tesla.com]
No other company will buy them as a distressed entity. They have so much debt that the only option for the company will be bankruptcy court.
And not the warm and fuzzy Chapter 11 route, it will be the chop up the body version, Chapter 7. Soon.
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You're confused. Ford's not on that list. Yet you keep posting as if they are.
Re:August 23, 2020 (Score:5, Insightful)
Tesla has around $10 billion in debt, and if the stock price drops down to around $200-230, another $900 million or so in debt comes due. At the moment they probably have less than $1 billion in cash reserves with roughly 50% being in the form of refundable cash deposits for the Model 3. These refunds have just evaporated around 10% of that reserve.
There's a reason Tesla is the most shorted stock on Wall St, and it's not because the shorts are haters. It's because by market capitalization, Tesla is larger than GM, despite making 1/35th of the cars that GM does, and only ever producing a running a single profitable quarter in its life (after liquidating ZEV credits). Tesla right now is buoyed by irrationality and hype.
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Yes, when will the idiots learn that "Autopilot" doesn't really mean "Autopilot", it was just a marketing gimmick to get them to overspend on a car. Those rubes.
Rei says... (Score:2)
Re:Rei says... (Score:5, Funny)
Maybe the autopilot couldn't see them.
They haven't seen anything yet. (Score:2)
I predict a much higher rate of refunds when it becomes clear that no Model 3 cars with the base configuration will be eligible for the Federal $7.5k rebate.
December put options (Score:5, Informative)
Tesla December 140 puts are $4.55 as of this post For comparison, Apple December 100 puts are $0.14.
A put option allows the owner of it to sell shares of stock at the contract price at a specific date in the future. In this case, buying the right to sell someone TSLA for $140 / share in December 2018 will cost $4.55 / share. That means a buyer today thinks TSLA will decline to less than $135.45 per share ($140-$4.55) at which point the position becomes profitable.
Apple would have to decline to a bit less than $100 / per share to have a similar decline, but the $100 December put contract is close enough. In case of Apple, put sellers are offering the contract at 14 cents per share. In other words, sellers of Tesla puts are pricing them 32x the price of Apple puts, meaning put sellers are demanding a high price since they think the odds of Tesla declining by at least 50% are reasonably high, especially compared to Apple. Maybe it isn't fair to compare to Apple, but GM December 22 puts are selling for 24 cents, and that is less of a decline on a percentage basis.
Another way of looking at Tesla compared to GM and Ford in charts [businessinsider.com] helps explain why the puts are so expensive. The charts are from last year, but the story hasn't changed much.
Re:December put options (Score:4, Informative)
Re:December put options (Score:5, Insightful)
"Everyone loves to compare Tesla to GM or Ford as if they are good companies. Don't forget GM actually *did* go bankrupt in 2009 (and Ford nearly did). As for debt, check out GM's and Ford's balance sheets. GM is carrying $99B of debt, and Ford is carrying $158B (per Yahoo Finance)."
Ford and GM have billions in the bank. Their revenues are many times more than Tesla's. They pay a dividend. You can't compare outstanding debt between Tesla and them. The only reason Tesla is compared to Ford or GM at all is because of its ludicrous market cap.
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I never understood companies that paid dividends instead of paying off their loans. The only reason to do that is if you expect to go bankrupt and want to drain the company of assets.
Apple has about $100B in debt and pays out a dividend. Are they about to go bankrupt? It makes perfect sense for a company to use debt for financing in this era of historically low interest rates. If they don't have the cash flow to service that debt(see Tesla) then it becomes a problem.
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as debts have tax benefits,
True! Just look at Musk. He's borrowed hundreds of millions of dollars against his Tesla shares to maintain his jet-setting lifestyle. He doesn't have to pay taxes on it and he doesn't risk upsetting the house of cards by selling shares and spooking others to sell.
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To many orders to fill (Score:2)
Nothing of consequence. (Score:4, Insightful)
People put down a deposit in case they wanted one knowing it would be a long wait. They are simply in the mood for a new car now. The novelty just isn't there.
That aside I think the production issues are mainly with producing batteries.
Re: Nothing of consequence. (Score:1)
What issues producing batteries? Panasonic keeps churning them at the rates Musk is asking for.
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Or they wanted the $35k car and the highly optioned ones being sold today aren't what they want, so they're going for a Leaf or Bolt instead.
Kickstarter for Cars (Score:1)
Re: (Score:2)
Customer Service Time? (Score:2)
These cancellations aren't necessarily bad for Tes (Score:1)
These cancellations aren't necessarily bad for Tesla
By that logic if every single person cancelled they would have no problem meeting the demand!