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Tesla Faces U.S. Criminal Probe Over Musk Statements

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onthebottom

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He should excersize his right to STFU more often....

Tesla Faces U.S. Criminal Probe Over Musk Statements
September 18, 2018, 11:45 AM EDT
Tesla is under investigation by the Justice Department over public statements made by the company and Chief Executive Officer Elon Musk, according to two people familiar with the matter, Bloomberg News’ Tom Schoenberg and Matt Robinson report. The criminal probe is running alongside a previously reported civil inquiry by securities regulators.

Federal prosecutors opened a fraud investigation after Musk tweeted last month that he was contemplating taking Tesla private and had “funding secured” for the deal, said the people, who were granted anonymity to discuss a confidential criminal probe.

Tesla didn’t have an immediate comment. Abraham Simmons, a spokesman for the U.S. attorney’s office in San Francisco, declined to comment.
 
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essguy_

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This was the obvious result as soon as Musk made his tweet (mid-day, without halting shares, and apparently with no compliance oversight).

Not sure how many people noticed - but yesterday Musk promised that Tesla will do bodywork for damaged Tesla's "in-house" with Musk saying that a 24 hour turnaround is possible. Think about that statement. This is a company with no dealer network. They do not stockpile any inventory of parts (which is why bodyshops take so long to fix damage - every replacement part has to come from Tesla and be special ordered). But Musk is saying that Tesla itself will be able to not only do the work - but send back an improved car (because all the parts will be new and possibly upgraded). This, from a guy who still cannot meet his production targets for NEW cars promising an unheard of turnaround time for damaged car repairs when he has no infrastructure to do these repairs.

Meanwhile today Audi revealed their "e-tron" model - a legitimate Tesla competitor from a company that knows how to build cars (and could sell their electrics at a loss and STILL make money). Why would Audi sell at a loss? Because every electric car sold will bring their fleet mileage down - so in a sense will allow them to sell their gas or diesel engined cars.

Musk more than ever needs to step aside and let a professional manager solve the problems. That way, Musk can continue with the big visions that are a decade from reality. He needs somebody who can get quality cars out the door, in volume, in the next 12 months.
 
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onthebottom

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essguy_ said:
This was the obvious result as soon as Musk made his tweet (mid-day, without halting shares, and apparently with no compliance oversight).

Not sure how many people noticed - but yesterday Musk promised that Tesla will do bodywork for damaged Tesla's "in-house" with Musk saying that a 24 hour turnaround is possible. Think about that statement. This is a company with no dealer network. They do not stockpile any inventory of parts (which is why bodyshops take so long to fix damage - every replacement part has to come from Tesla and be special ordered). But Musk is saying that Tesla itself will be able to not only do the work - but send back an improved car (because all the parts will be new and possibly upgraded). This, from a guy who still cannot meet his production targets for NEW cars promising an unheard of turnaround time for damaged car repairs when he has no infrastructure to do these repairs.

Meanwhile today Audi revealed their "e-tron" model - a legitimate Tesla competitor from a company that knows how to build cars (and could sell their electrics at a loss and STILL make money). Why would Audi sell at a loss? Because every electric car sold will bring their fleet mileage down - so in a sense will allow them to sell their gas or diesel engined cars.

Musk more than ever needs to step aside and let a professional manager solve the problems. That way, Musk can continue with the big visions that are a decade from reality. He needs somebody who can get quality cars out the door, in volume, in the next 12 months.
Click to expand...
That’s not a bad looking car, every time I’ve configured a Tesla S or X it’s always six figures, you can get the Audi in the 80s with s few goodies. I’ll wait for the range not to be TBD (9 hours for a full charge seems a bit weak).

Tesla needs competition.
 
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