AuthorTopic: Official EV Carz Thread  (Read 14042 times)

Offline RE

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Re: Ewz Make the Newz!
« Reply #135 on: March 10, 2018, 11:05:21 AM »

I haven't gone for Handicap Plates.  If I do, I have to give up my cherished CDL.  So I waddle my way into the store and grab the Cripple Cart there.  I'm going to get my own folding cripple cart to keep in the car so if it's a long walk to the store entrance I can use that.


Why hold on to your CDL? Not as if you're going back on the road.

You never know.  Not very likely of course, but if SS crapped out I could drive a dry box or reefer around here if I didn't have to do loads and unloads.  Besides, it's a CHERISHED possesion.  That license got me from poverty to having savings, and in the end SAVED me from becoming a Homeless Cripple Freezing to Death on the Streets of Palmer, Alaska.


Offline RE

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🚛 Tesla to Slow Deliveries in Norway on Report of Dangerous Trucks
« Reply #136 on: March 25, 2018, 12:01:27 AM »
Another raging success for Elon!  ::)


Tesla to Slow Deliveries in Norway on Report of Dangerous Trucks
By Oshrat Carmiel
March 24, 2018, 2:38 PM AKDT

Elon Musk said Tesla Inc. will slow down deliveries in Norway, the automaker’s best market per capita, days before the electric-car maker is due to report quarterly sales that investors watch so closely.

Tesla’s CEO made the announcement in a Twitter message Saturday, in response to a report that local authorities had ordered trucks carrying Teslas off the road more than half a dozen times. One truck not stopped by authorities ended up in an accident, which crushed two Model S vehicles on the trailer, according to the blog Electrek.

“It is clear that we are exceeding the local logistics capacity due to batch build and delivery,” Musk said in the tweet Saturday. “Customer happiness & safety matter more than a few extra cars this quarter.”

The Palo Alto, California-based automaker switched the Norway ports it ships to, requiring the use of more trucks to get the cars to stores and service centers, the article said.

Norway is Tesla’s third-biggest market in the world after the U.S. and China, with revenue from the country more than doubling to $823 million last year. The country exempts electric cars from purchase taxes and road tolls and has invested heavily in charging infrastructure. About 21 percent of vehicles bought there last year were battery-electric.

Tesla is already facing difficulties in the rollout of its mass-market Model 3 vehicle, the linchpin of Musk’s plan to bring electric vehicles to the masses. Ramping up production has taken longer and been more challenging than originally anticipated. Tesla is targeting a weekly Model 3 production rate of 2,500 sedans by the end of this month and 5,000 by the end of June.

Offline RE

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🔌 Tesla has a problem. Maybe a big problem
« Reply #137 on: March 29, 2018, 02:50:29 AM »
How long before we say Bye-Bye to EM?  Over-Under here? ???  :icon_scratch:


Tesla has a problem. Maybe a big problem
by Chris Isidore   @CNNMoney March 28, 2018: 2:15 PM ET
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Time is running out for Tesla's unmet promises.

The leading electric car maker's struggles to ramp up production of its first mass-market car, the Model 3, could mean a cash crunch for the upstart automaker.

Tesla (TSLA) has thousands of customers lined up ready to buy a Model 3, which has a $35,000 starting price. But it keeps badly missing its production targets, and it is burning through cash as it does so. And it faces deadlines to pay more than $1 billion in bonds due over the the next year - $230 million due in November and $920 million next March.
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Concerns about its cash positions could grow worse when it reports actual first quarter numbers next week. Moody's downgraded its debt deeper into junk bond status on Tuesday and warned more downgrades could be coming. Standard & Poor's also has warned of the possibility of a downgrade.

Bloomberg has been tracking production by continuously monitoring the issuance of vehicle identification numbers issued by the NTSB. It estimates that production stands at 1,026 a week, a big jump from the fourth quarter but less than half the 2,500 a week target that Tesla has set for the end of the third quarter, which concludes Saturday.

"That would be a pretty significant miss," said Bruce Clark, the credit analyst at Moody's. "We're not drawing a line in the sand by any means. But part of the issue is reestablishing credibility with constituents. At the end of the day, the company's credibility will be significantly impacted by how close they are to that 2,500 run rate."

The company had originally promised it would be making 5,000 Model 3's every week by the end of last year, but delivered only 222 in the third quarter, and another 1,542 throughout the entire fourth quarter. It has now pushed the 5,000 a week target back to the end of June.

Related: Tesla stock falls after NTSB announces it will investigate fatal crash

Tesla has never made a full-year profit as its grown into a major force in the auto industry. But investors, lenders and customers have been big believers in its charismatic CEO Elon Musk, at least to this point. They've provided him with the cash he needed to challenge the established players in the industry.

They've bought additional shares sold by the company in secondary offerings. They've driven up stock price to give the company nearly the market value of established automakers like Ford (F) or General Motors (GM), which both produce billions in annual profits and sell millions of vehicles. Customers have paid deposits of $1,000 each for cars they wouldn't see for years, giving Tesla nearly $1 billion worth of deposits. And, of course, it has also been able to sell bonds to raise cash.

Clark said he doesn't believe the company is facing any imminent cash crunch, but that if it continues to struggle to ramp up production of the Model 3 its "liquidity position is going to get tight in the next several quarters. That's why we see the need for them to go back to the financial markets."

And it will become more difficult, and more expensive, to raise that money if there are further doubts about it meeting its production goals.

Related: New Tesla pay package could make Elon Musk richest man in the world

It could also cause problems with the company's supplier base. Tesla reported it owed $2.4 billion in accounts payable at the end of last year. That's not a huge number as long suppliers continue to bill for the parts and raw materials.

But the credit agency downgrade could prompt suppliers to start demanding cash at the time of delivery, according to John Thompson, CEO of hedge fund Vilas Capital Management, which has its largest position shorting Tesla shares, betting big that the stock will fall sharply in value.

"Why did Toys 'R' Us go bankrupt? Its suppliers cut it off. You can have altruistic equity holders, you can have altruistic bond holders, altruistic customers. But suppliers are cold and calculating from my experience," he said.

In an email to his clients this week he again predicted a looming cash crunch for Tesla could even lead to bankruptcy later this year.

A company spokesman would not comment on the downgrade or Thompson's commentary.

Offline RE

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🔥 It's Crash & Burn Time for Elon Musk
« Reply #138 on: April 15, 2018, 04:29:38 AM »
It's hard to imagine any Pigman more worthy of being Burned at the Stake.  Snake Oil burns very well.


"Elon Knew": New Lawsuit Alleges Musk Knowingly Lied About Model 3 Production
Profile picture for user Tyler Durden
by Tyler Durden
Sat, 04/14/2018 - 20:52

A new securities class action lawsuit filed in late March 2018, which names Elon Musk as a defendant, alleges that the Tesla CEO knew that the Model 3 was not going to be able to be produced as the rates he claimed - and that the company was not going to be able to meet production goals due to - get this - the production lines not even being assembled. The lawsuit alleges that this didn’t prevent Elon Musk from going out and telling the investing public otherwise, hence the allegation of securities fraud.

First, the allegation that Musk was told by his own employees that the Model 3 couldn't be mass produced by the end of 2017, which was the company's stated goal:

Then, after claiming in May 2017 that the company was "on track" to meet its mass production goal, it's alleged the company hadn't even finished building its production lines, clearly meaning it wasn't "on track". The lawsuit alleges that Musk knew the line was "way behind":

The suit alleges that the company was building Model 3's by hand at a "pilot shop" at the same time Tesla claimed to be on track for "mass production"; it also claims that it was "evident to anyone who visited the facility" - including Elon Musk - that the line wasn't built and that "construction workers were spending most of their shifts sitting around with nothing to do":

We also read in the lawsuit that Tesla’s Gigafactory, at the time in question, was allegedly capable of producing only one battery pack per day - and that the production of one battery pack took “two shifts” to complete.

The suit alleges that the company's former CFO, Jason Wheeler - who is one of more than 50 key executives and VPs to have left the company over the last half decade or so - told Elon Musk personally that they wouldn't be able to mass produce by the end of 2017. The entire lawsuit is available at this link and some of the most interesting content was first shared by critics of the company on Twitter.
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The drumbeat of accountability for Elon Musk continues to pound louder and louder as each day progresses, with some analysts calling for the SEC to investigate him if the company doesn't meet its stated cash flow positive and "no capital raise" guidance for the back end of 2018.

Yesterday we detailed how the company is cutting corners with production and suppliers, as well as with its certified preowned vehicle program. Commentators continue to suggest that Elon musk should be held accountable by regulators if the company again raises capital this year or is not free cash flow positive by the second half of this year, two claims that Musk made this week in an angry outburst where he attacked the messenger (The Economist) for pointing out a Jefferies analysis.

Then, on Friday afternoon, CNBC released an scathing report detailing that a large portion of parts supplied to Tesla to manufacture vehicles with has been substandard or defective. The article alleged that:

    Tesla is struggling to manage and fix a significant volume of flawed or damaged parts from its suppliers, sending some to local machine shops for rework, according to several current and former Tesla engineers. The company said it also makes adjustments to the design of some parts after receiving them from suppliers.

It continues:

    All automakers have to deal with some amount of defective or damaged parts, both from their own factories and from suppliers. But, as previously reported, current and former employees say that Tesla experiences a higher rate of defects than industry norms. A significant number of flawed parts, and parts in need of design changes, also come from Tesla's suppliers, they said.

The reason for the large number of defective parts? Spending less time to vet suppliers, according to company employees.

    Current and former employees from the company's Fremont, Calif. and Sparks, Nevada factories blame Tesla for spending less time to vet suppliers than is typical in auto manufacturing. These people said the company failed to comprehensively test "variance specs" with some vendors before embarking on Model 3 production.

Ultimately, it's Tesla lack of experience and scramble to get a car to market that was leading to the pile up in defects, which will end up crushing the company's "quality control" reputation, as the following episode suggests:

    Auto manufacturing expert Steve Finch, a former GM plant manager with about 40 years of industry experience, said automakers typically deal with some flawed parts from suppliers. Finch said that mass-market car companies normally will take a year or more to vet a prospective supplier. This is to ensure the supplier's factory follows ISO quality management standards and other processes that are on par with the automaker's own.

    Former and current employees said Tesla took less time before signing on new suppliers. Tesla employees tasked with vetting suppliers were also not always experienced with ISO quality management standards, said these people.

We also pointed out yesterday that Tesla is starting to give other indications that it is stretched very thin - and that this leads to cutting certified pre-owned vehicle corners. Yesterday, Electrek wrote an article detailing ugly new changes to the company's certified preowned checklist procedures, including the company no longer taking care of cosmetic details, which the article refers to as "refurbishing":

    Now the company has updated its policy and some new cars coming on Tesla’s list of used vehicles have this ‘Not Refurbished’ warning that reads:

    “This car has passed a 70-point mechanical inspection and will be cleaned before delivery. If you would like any additional work that is not covered under your warranty, we can help arrange service after delivery for an added cost.”

    Tesla salespeople have been telling buyers that the automaker is still making sure that the vehicles are up to their standards for the warranty, but they are not fixing cosmetic issues anymore.

Worst of all, these changes come a time where the company is about to receive a massive inflow of vehicle inventory from three-year leases that started in 2015:

    Tesla has changed its ‘certified pre-owned’ (used) vehicle policy this week to stop “refurbishing” its used cars just ahead of them receiving a big influx of vehicles as more 3-year leases are ending. The automaker had launched the program 3 years ago and it has been tuning it over the last two years.

Previously, certified preowned Tesla vehicles not only underwent a inspection to check the mechanics and operation of the vehicle, but they also underwent a cosmetic clean up. The cosmetic cleanup always seemed like an absolute necessity, especially given the fact that Tesla buyers are actually unable to view pictures of the certified preowned vehicles that they’re purchasing:

    The cars with this new warning still don’t have real pictures of the actual vehicle, but instead only renderings of the vehicle’s configuration.

    Tesla told Electrek that they are soon going to make it easier to request real pictures of listed vehicles.

    The change comes as Tesla is getting more and more used vehicles, especially after 3-year leases from 2015 when Tesla started ramping up production significantly and also making strides with its leasing program.

On top of that, the company is still selling these vehicles at premium prices, which the Elektrek article hilariously calls "value retention":

    With the increased inventory and the lack of “refurbishing”, a decrease in price would be expected, but Tesla used vehicles have historically been very good at value retention.

Regardless, the air - and questions - of accountability continues to get thicker around Elon Musk and his band of merry brothers.

If the stock takes another dive next week, what is Mr. Musk going to come up with in order to keep a sense of being such trivial concerns as cash flow and profitability - and more importantly, how long will his lawyers let him keep talking?

Offline RE

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Tesla's Cash Crunch Will Intensify As Model 3 Production Shuts Down Again
« Reply #139 on: April 17, 2018, 08:36:43 AM »
Elon is getting fucking CRUCIFIED!   ;D


Apr 17, 2018 @ 07:30 AM 33,359
The Little Black Book of Billionaire Secrets
Tesla's Cash Crunch Will Intensify As Model 3 Production Shuts Down Again

Jim Collins , Contributor
Opinions expressed by Forbes Contributors are their own.

Tesla entered the Bizarro World after the market closed Monday with a post on its corporate blog describing those who contributed to a negative report on working conditions at the company's Fremont factory as part of "an extremist organization," and a separate report on Buzzfeed detailed a four- to five-day shutdown of Model 3 production this week. Bizarrely, Tesla issued a statement regarding this shutdown of Model 3 production that echoed word-for-word a statement given in late-February when Tesla reportedly shut the Model 3 line for five days. Tesla's statement indicated that such a shutdown "is not unusual," but, Tom Jones references aside, it really is unusual for an automaker to post two lengthy shutdowns in such a short period.

When I followed major automakers like VW, Ford, GM and Daimler, a one-week shutdown on high-volume model would be enough to merit a mention on a quarterly earnings call. At Tesla, where the Model 3 is being counted on to be both the next step in the future of automotive mobility and the model that gets Tesla over the hump from a cash flow perspective, this latest shutdown could be catastrophic.

WASHINGTON, DC - JANUARY 26: The front headlight of Tesla's new Model 3 car on display is seen on Friday, January 26, 2018, at the Tesla store in Washington, D.C. (Photo by Salwan Georges/The Washington Post via Getty Images)

The problem is that Tesla has, according to page 58 of the company's 2017 10-K filing, a whopping $5.620 billion in "contractual obligations" due in 2018. While this figure represents a worst case scenario (credit lines maxed out, etc.), what it really indicates is the temporal problem facing Tesla. They need to turn cars into cash. Now.

The only way to do that is to produce finished vehicles that can be delivered to customers.  General Motors can stuff a load of identical models on a trailer and send them to a dealer's parking lot, but Tesla does not have that option.  Tesla had $2.39 billion in payables on its balance sheet at year-end 2017 compared with only $515 million in receivables.  While this may be a virtuous break from Detroit's decades of channel stuffing, it means that the margin of error for Tesla is razor-thin.

So, Tesla has to fix the Model 3 issues now.  Forget about autonomous vehicles (and given the recent Autopilot fatality that might be a good thing for Tesla longs,) forget about world domination, TSLA needs to work out the bugs at Fremont.  By my estimation, the Model 3 problems could be caused by one of two things:

    The Model 3 line in Fremont was poorly designed and excessively automated and is in need of a total back-to-square-one redesign, or
    Tesla’s Gigafactory in Nevada--a joint venture with Panasonic--is still unable to produce enough battery cells.

Based on recent press reports, it really seems that Option One is occurring, but as no independent analyst other than Gayle King has been in the Fremont plant lately, it is hard to find the truth.  Believe it or not, however, Option Two--a company that produces battery-powered vehicles can’t make enough batteries--is actually much more favorable for Tesla than Option One.

A second glance at the Contractual Obligations section of Tesla's 10-K shows that the company has a whopping $16.34 billion of future purchase obligations to vendors "primarily relating to the purchase of lithium-ion cells to be produced by Panasonic at Gigafactory 1."

There's the rub.  Tesla has to buy the batteries made at the massive facility in Sparks, Nevada, whether or not they have completed cars in which to put them.  With $853.9 million of customer deposits on the books as of year-end, I had been working under the assumption that Tesla would just draw down that order book for the balance of this year and throughout 2019.  As production delays mount, however, it seems that Tesla’s biggest problem is not order cancellations from frustrated customers, but the need to find a home for the battery cells produced by Panasonic.

So, Musk needs to fix the problems at Fremont quickly, or the cash flow that he tweeted would be “obv” in Tesla’s financials in the third and fourth quarters of this year will never occur.  To balance near-term cash burn, as I have said many times in my Forbes columns, Tesla needs to raise at least $2 billion this year.  To balance long-term cash burn--Tesla’s 10-K notes contractual obligations of $19.845 billion for the years 2019-2022--is financially impossible.  Companies that can’t produce positive cash flow eventually die, and--sadly as I was one for 11 years--sell-side analysts are usually the last ones to figure this out.

Offline RE

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Tesla Discloses Worst Quarterly Zinger of a Loss Ever, Burns $1.1 Billion Cash
by Wolf Richter • May 2, 2018 • 38 Comments   
Not The Boring Company, but The Hopeless Company.

The dizzying hype and promises emanating from Tesla can just blow you away if you don’t brace for them. But beyond them, what Tesla proudly announced today was a quarterly net loss attributable to common stockholders of $710 million. This was more than double its record loss a year ago, and its largest net loss ever in its history now spanning over a decade. It was the fifth relentlessly mind-blowing quarterly record loss in a row:

There is one rule that applies to Tesla: The more it sells, the more it loses. Not exactly an ingenious business model. Total revenues – automotive and energy combined – rose 26% to $3.41 billion in Q1. This 26% increase in revenues caused a 114% jump in net losses.

And vehicle sales, well here we go: Globally in Q1, Tesla “delivered” nearly 30,000 vehicles: 21,815 Model S and Model X vehicles and 8,182 Model 3 vehicles.
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This gives Tesla a global market share of about 0.15%. If Tesla were able to multiply its deliveries by a factor of six right now – so from 30,000 vehicles a quarter to 180,000 a quarter, right now – its global market share would still be less than 1%.

In other words, in terms of overall vehicle sales, Tesla simply doesn’t matter. It’s just a niche automaker. There’s nothing wrong with being a niche automaker. Except for two things in Tesla’s case: Its ludicrous market capitalization, which is still an inexplicable $50 billion, and its mega-losses and cash-burn that investors – the true believers – are still all too willing to feed with new money.

In terms of living up to its projections, well forget it. Tesla’s projection of producing 5,000 Model 3 vehicles per week by the end of last year has long ago swirled down the toilet. The projection has been replaced with other projections that have since swirled down the toilet as well. In reality, in Q1, Model 3 production averaged about 800 per week.

For a few weeks in April – so this is Q2 – Tesla said it built a little over 2,000 Model 3 vehicles a week. But then Tesla disclosed this:

    Model 3 gross margin remained negative in Q1 due to temporary underutilization of our manufacturing capacity, which was in line with our expectations.

In other words, Tesla admits that the more Model 3 vehicles it builds, the more money it loses. So at this rate, the Q2 losses are going to be an even bigger zinger.

It’s still dreaming about a 25% gross margin for the Model 3 long-term. However, “in the medium term” – eternity? – it will face continued margin pressures “due to higher labor content in certain areas of manufacturing where we have temporarily dialed back automation, as well as higher material costs from recently imposed tariffs, commodity price increases and a weaker US dollar.”

In other words, “manufacturing hell,” as CEO Elon Musk had so elegantly put it last year, will continue to reign, which is not a good thing for an amateur manufacturer in a world full of pros.

Cash flow was a horror story. In the quarter, Tesla burned $398 million in its operations and another $729 million with capital expenditures, including “Payments for the cost of solar energy systems, leased and to be leased,” and “business combinations.” This adds up to a total of $1.13 billion in cash, POOF, gone in three months.

Tesla also raised some new funds, including from borrowing and the sale of asset-backed securities. Total cash flow from these and other financing activities was $372 million.

On net, cash burn minus financing activities pulled down its total cash on hand by $721 million in three months, from $3.37 billion at the end of Q4 to $2.67 billion on March 31.

Maybe investors and perhaps even the true believers and Wall Street hype promoters are getting tired of the hype that is supposed to cover up for the broken promises, record losses, mind-blowing cash burn, and the relentless inability to mass-produce vehicles. In after-hours trading, Tesla’s shares are down nearly 5%. One of Musk’s other outfits is The Boring Company. As a perfect match, Tesla should be renamed, The Hopeless Company.

This is the end of an era in the US Auto industry. Read…  Carmageddon for Cars: “Cars” Are Scheduled to Die

Offline azozeo

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Musk is back to sleeping at the Tesla Plant....
« Reply #141 on: May 07, 2018, 02:17:51 PM »
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline RE

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🔌 Tesla Lays Off 9 Percent Of Workforce
« Reply #142 on: June 14, 2018, 04:34:08 AM »
Elon will replace them with Robots who will build the carz, then he will sell them to other robots!


Tesla Lays Off 9 Percent Of Workforce

June 13, 20181:47 AM ET

Daniella Cheslow

A Tesla car recharges at a shopping center in North Carolina in 2017.
Chuck Burton/AP

Tesla will lay off about 3,500 workers in an effort to boost profitability, CEO Elon Musk wrote in a company email.

"What drives us is our mission to accelerate the world's transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable," Musk wrote.

Musk conceded that Tesla has not made an annual profit in 15 years. The company posted its largest quarterly loss, of more than $700 million, earlier this year.

Shareholders reacted positively to the announcement, and Tesla rose more than 3 percent by the end of Tuesday, with a stock price of $342.62. The stock had foundered over the past year amid setbacks in meeting production targets for the Model 3, Tesla's first affordable electric car with a starting price of $35,000.

Musk wrote the layoffs were part of a restructuring to make the company "communicate better, eliminate bureaucracy and move faster." He noted that the cuts will not affect Tesla's ability to reach targets for producing the Model 3. He has promised to make 5,000 Model 3 cars a week by the end of June, according to the Wall Street Journal.
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In the company letter, Musk said Tesla would end its residential sales agreement with Home Depot and focus on selling solar power in Tesla stores and online. He said most Tesla employees working at Home Depot will be offered a chance to move to Tesla retail locations.


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