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re: Tesla suspends all sales until announcement at 4pm CST
Posted on 2/28/19 at 4:40 pm to SUB
Posted on 2/28/19 at 4:40 pm to SUB
quote:I see the announcement is about the cheap model Tesla car being finally released 3 years late but my guess would have been Tesla was declaring bankruptcy to get out of its enormous bond repayment coming due soon.
Any speculation?
This post was edited on 2/28/19 at 4:43 pm
2
Posted on 2/28/19 at 4:42 pm to Chad504boy
quote:I wonder how that's going to go with Musk's announcement last year that the company can't make any profit off of a $35,000 model?
Looks like it is just adding more options to the Model 3. Making it possible to buy one for $35K, reduced range.
very affordable price point for sure.
Posted on 2/28/19 at 4:43 pm to ScaryClown
quote:
What is it? Its 4oclock
quote:
Tesla Inc said on Thursday it would offer a $35,000 version of its Model 3 sedan with a delivery time of two to four weeks, while closing many of its retail stores worldwide.
The announcement comes nearly two years after Chief Executive Elon Musk promised the car at that price to appeal to the mass market. Tesla said its sales would now be online-only around the world and it would close many stores.
“Shifting all sales online, combined with other ongoing cost efficiencies, will enable us to lower all vehicle prices by about 6 percent on average, allowing us to achieve the $35,000 Model 3 price point earlier than we expected,” Tesla said in a blog on its website.
Besides the new model, they are also closing all of their stores apparently
This post was edited on 2/28/19 at 4:44 pm
Posted on 2/28/19 at 4:46 pm to SPEEDY
He turned a spectacle out of firing all of his sales people and basically admits there's no demand for his car. Got it Tusk 
Posted on 2/28/19 at 4:47 pm to SPEEDY
quote:
while closing many of its retail stores worldwide.
uh, oh
Don't many states require a retail location in order to sell?
Posted on 2/28/19 at 4:49 pm to RobbBobb
quote:
The news comes three days after renewed tensions between Musk and U.S. Securities and Exchange Commission. The agency petitioned a judge this week to have Tesla’s CEO found in contempt of an October settlement between the parties. The SEC accuses Musk of having made material statements about production levels on Twitter without first having them vetted internally.
That settlement between Musk, Tesla and the SEC concerned Musk’s August Twitter post in which he claimed to have “funding secured” to take Tesla private at $420 per share. As part of the settlement, Musk stepped down from his chairmanship role and he and Tesla agreed to pay $20 million each in fines.
On Friday, Tesla is due to repay a $920 million convertible bond. Convertible issues give bondholders the right to trade their debt for equity after shares rise over a certain price. Tesla shares are currently about $40 below the $359.87 conversion price.
Tesla had $3.7 billion in cash and cash equivalents at the end of December.
Posted on 2/28/19 at 5:52 pm to SUB
quote:
"The interior will be slightly better than was originally promised,"CEO Elon Musktold reporters on a conference call
Something being better than Musk promised would be huge news.
Posted on 2/28/19 at 6:01 pm to SPEEDY
quote:
they are also closing all of their stores apparently
If it breaks, do you mail it back to them for repair?
Posted on 2/28/19 at 6:10 pm to slackster
Because he is known to back up words with regards to Tesla.
Posted on 2/28/19 at 6:14 pm to SUB
quote:
Any speculation?
Hemi
Posted on 2/28/19 at 6:18 pm to SPEEDY
I fully side with the SEC against Musk. What he did was extremely irresponsible
Posted on 2/28/19 at 6:24 pm to athenslife101
Which time?
Posted on 2/28/19 at 6:31 pm to LSURussian
quote:
but my guess would have been Tesla was declaring bankruptcy to get out of its enormous bond repayment coming due soon
They owe a billion. They’ve got three billion liquid. Not a big problem.
Posted on 2/28/19 at 6:38 pm to JudgeHolden
Posted on 2/28/19 at 6:47 pm to Janky
The 420 thing. I see now how big of a headache that causes on a hundred levels.
Posted on 2/28/19 at 6:55 pm to athenslife101
And the one from a couple of days ago. He just can’t leave well enough alone and be quiet. He reminds me of our President. They both could change the world better if Twitter wasn’t invented.
Posted on 2/28/19 at 7:06 pm to JudgeHolden
quote:Wrong on all counts.
They owe a billion. They’ve got three billion liquid. Not a big problem.
According to Tesla’s 12/31/18 balance sheet they have currents assets, excluding inventory, of $5.2 billion and current liabilities of $9.992 billion.
Big problem.
LINK
Posted on 2/28/19 at 7:10 pm to LSURussian
I am willing to bet a secondary offering is in their future within the next 12 months. Thoughts?
Posted on 2/28/19 at 7:29 pm to Janky
They are going to have to do something to raise funding to pay their obligations.
The problem with them issuing more debt is their credit rating is a notch below “junk” status. They can borrow but it’s going to be at high rates.
My guess is they will issue mores shares of stock thus diluting current shareholders.......again.
Their moves today to eliminate their salesrooms to cut costs reeks of desperation, imo.
The problem with them issuing more debt is their credit rating is a notch below “junk” status. They can borrow but it’s going to be at high rates.
My guess is they will issue mores shares of stock thus diluting current shareholders.......again.
Their moves today to eliminate their salesrooms to cut costs reeks of desperation, imo.
Posted on 2/28/19 at 7:35 pm to LSURussian
I was speaking of the convertible debt coming due.
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