Tag: Tesla is a fraud

Tesla’s Warranty Expense “Income”

Submitted by Phil B.

Note: Tesla is a fascinating case in fraud and of the “wizard” behind the fraud, who has managed to pull the wool over a large population of stock gamblers. Tesla is a saga for the ages and likely the biggest Ponzi scheme in U.S. history. The Company and its CEO are truly emblematic of the fraud and corruption that has engulfed the entire U.S. economic, financial and legal/political system. If this country survives what’s coming, there will be semester long classes in top-10 business schools and psychology masters programs devoted to the case study of Tesla.

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A long-time Tesla critic published an article in Seeking Alpha outlining the fraudulent nature of Tesla’s accounting for “warranty expense.” I did not read the article beyond the summary because it was placed behind Seeking Alpha’s subscription firewall. But I’ve detailed this aspect of Tesla’s accounting fraud in previous issues of the Short Seller’s Journal . Tesla has been reducing its provision for warranty expenses relative to the number of vehicles it sells for several quarters. While the warranty provision should rise in correlation with the rising number of vehicles delivered, Tesla and its auditor have decided an inverse relationship between these two variables makes more sense.

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TESLA’S NEW JETSKI

Click to visit the TBP Store for Great TBP Merchandise

Range Reduction

Guest Post by Eric Peters

All electric cars come standard with range anxiety – having to think about how far you can go before the car comes to a stop . . . and what you’ll do while you wait for it to recharge.

If you can find a place to recharge.

But Elon Musk’s electric cars offer a unique “feature” their owners didn’t know they paid for:

Range reduction.

Not because the batteries are running low – but because Elon decided to reduce how far they can go.

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Teslas Suddenly Get Pricier . . .

Guest Post by Eric Peters

Tesla announced the other day that it will no longer be producing the least-expensive version of its Model S sedan – which lines up with Tesla’s failure to produce many (f any) of the lower-priced versions of its constantly trumpeted Model 3.

It’s a hint about how one of the biggest problems with electric cars – their being too expensive for most people to consider, so long as their are less less expensive options available – will be handled.

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Teslian eFleas

Guest Post by Eric Peters

When corporations get into bed with government, it’s us who get the fleas. Obamacare, for instance.

Big Med plus Big Government.

Sometimes, you can’t actually see the fleas. But they’re there, just the same.

An example of this unwholesome symbiosis has just emerged – in China. But it involves an American company, Tesla – which sells the same cars here.

Turns out Tesla – which builds electric cars but makes money by leveraging government mandates – has set up its EVs to live-feed information about where each of their cars is at any given moment directly to the Chinese government.

Their car italicized to make the point that it’s not really your car when someone else has open access to it – and so, to your life. The car tracks your movements, records where you’ve been, how long you stayed.

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Analyst Erupts At Tesla: “They Used Every Trick From Every Fraud To Put Lipstick On Q3 Results”

Submitted by Adventures in Capitalism

On October 11, I noted that “…I have booked all of my Tesla (TSLAQ – USA) Jan 2019 250/175 put spreads after owning them for almost a year, at a reference price of $255 compared to a reference price of $320 when I first wrote about them. While I am certain that Tesla collapses in the near future, all evidence seems to show that they’ve used every trick from every financial fraud over the past 100 years to put lipstick on the Q3 financial results.” Modern day Ivar Kreuger has not disappointed.

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Tesla stock soars on news they ‘only’ lost $717 million

Guest Post by Simon Black

Sometimes I feel like I’m living in an alternate universe… it’s like the financial version of the ‘upside down’ from Stranger Things.

Case in point: last night the infamously loss-making electric car maker Tesla announced its quarterly earnings.

As usual, the numbers were gruesome. Tesla’s net loss was TWICE AS BAD as the previous quarter, a record NEGATIVE $717 million. That’s a LOT WORSE than analysts were expecting.

After adjusting for various capital investments, Tesla’s total cash burn for the quarter was MINUS $740 million… which is a bit better than what analysts were expecting. Congratulations.

Oh yeah, and Tesla ~~cult leader~~ CEO Elon Musk mustered an apology to all the analysts he insulted on the previous quarter’s earnings call (where he derided them for asking “boring” and “bonehead” questions).

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TESLA CONFERENCE CALL BINGO

Via Quoth The Raven

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Questions I’d be Asking If I Owned Tesla Stock

Guest Post by Vitaliy Katsenelson

Here’s a big question I’d be asking if I owned Tesla stock: What happened to 345,000 reservations?

When Tesla’s Model 3 was released, it was supposed to be a $35,000 car. Four hundred thousand people, including yours truly, put down a $1,000 deposit to reserve their spots in line so they could get their hands on that marvel as soon as it became available. It was a brilliant move by Tesla, as it provided the company $400 million of interest-free financing — the biggest crowdfunding project ever.

Today, after some delays, the Model 3 is being produced. However, $35,000 seems to have been a fiction of CEO Elon Musk’s imagination. Though the car is getting great reviews from auto critics, the price for a bare-bones Model 3 starts at $49,000, and the tax incentives are fading away.

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Fund Manager Explains “Why I Canceled My Tesla Model 3 Order”

Authored by Michael Shedlock via MishTalk,

Take a gander at the Model 3 shopping experience. If you still like Tesla, as a company, you are delusional.

Fund manager Vitaliy Katsenelson explains Why I Canceled My Model 3 Order.

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Tesla Model S With Autopilot Slams Into Fire Truck At 60mph As Another Key Exec Departs

by Tyler Durden

Sun, 05/13/2018 – 11:06

Just days after two teens were killed in a dramatic, fiery crash involving a Tesla Model S in Ft. Lauderdale, on Friday night another Tesla sedan with a semi-autonomous Autopilot feature rear-ended a fire department truck while driving at a speed of 60 mph (97 kph) apparently without braking before impact, although as Associated Press reports so far police say it’s unknown if the Autopilot feature was engaged.

The cause of the Friday evening crash, involving a Tesla Model S and a fire department mechanic truck stopped at a red light, was under investigation, said police in South Jordan, a suburb of Salt Lake City. The police added that there was light rain falling and roads were wet when the crash occurred.

“Witnesses indicated the Tesla Model S did not brake prior to impact,” the statement said.

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Amid Management Exodus, Tesla Fires Hundreds Of Workers

Starfcker explains why this is great news for Tesla in 5,4,3,2,1……

by Tyler Durden

Oct 14, 2017 10:03 AM

One month after Tesla lost its head of business development who wished to “spend more time with his family”, and just weeks after the EV company’s veteran battery technology director also unexpectedly quit amid a growing senior management exodus (full list at the bottom of this article), Tesla decided to even out the ranks on the bottom as well, and fired “hundreds of workers” this week, including engineers, managers and factory workers even as the company struggles to expand its manufacturing and product line, according to the Mercury News which first reported of the mass layoffs.

Workers estimated between 400 and 700 employees have been fired, although Tesla refused to say how many employees were let go, and added that it expects employee turnover to be similar to last year’s attrition. Tesla employs about 10,000 workers at its Fremont factory; it lost $336 million in the second quarter, and burned through a record $1.16 billion in cash in Q2, or $13 million per day.

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