Bad news – more of it – for our friend Elon.
A report just issued by the data analytics company, Second Measure, claims that Tesla is issuing refunds to people who put deposits down on the Model 3 faster than new marks – whoops, customers – are putting down deposits.
Second Measure bases its findings on credit/debit card purchases and claims that in April, Tesla refunded Model 3 deposits – $1,000 per – twice as fast as it took them in.
Since Tesla began taking “reservation” – more than two years ago – 23 percent of Model 3 depositors had their money refunded, the report states.
Tesla disputes the report, stating that net Model 3 reservations “remained stable” through the first quarter, and indicated that the cancellations were triggered by production and availability delays.
Second Measure contends that configurations are also growing. That they tripled in April from the year-earlier period.
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Investor’s Daily was top of my email with the Tesla story being their top article. I’ll just put their missive here and give them credit….crocodile tears heh heh.
The Big Story
In a Nutshell: Tesla climbed nearly 10% yesterday after company CEO Elon Musk said that he expects the company will be able to produce 5,000 Model 3’s by the end of the month. Musk also survived a vote to replace him as chairman of the company at the company’s annual shareholder meeting, where he took the stage teary-eyed before addressing the audience.
The Payoff: Tesla’s share price has surged 26% in the last two months, and it seems like investors are willing to forgive each and every stumble that the company makes as it tries to reach its goal of 5,000 units a week. But to what end? The company loses money on each Model 3 it produces, so increased production only accelerates the cash bleed. A capital raise is almost guaranteed at this point just to keep the lights on. The litany of challenges facing Tesla are well documented, and until we see a viable path to profitability, we wouldn’t be long the stock.
My question, as is probably the foremost question asked about T: Who in hell are on this board? If we(taxpayers) aren’t paying these cost over-runs then why would anybody, excepting Musk, want to keep making cars when every unit sends them further into debt?
Of course laws for big corporations have been fine tuned to let everyone involved in a disaster to walk away to seek another scam they have dreamed up. It’s not like “your” elected officials aren’t getting some payola….and there is the problem with the entire govt.