It's been a bad few weeks for Tesla

General Discussion

  1. Richard Cranium

    Richard Cranium FBBO Gold Member FBBO Gold Member

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    First this....

    Tesla with semi-autonomous Autopilot is totaled after slamming into a fire truck stopped at a red light at 60mph

    http://www.dailymail.co.uk/news/article-5722283/Tesla-Autopilot-slams-truck-stopped-red-light.html

    Then this....

    Tesla driver, 48, dies as his car smashes into a motorway central reservation and explodes into flames ‘when its battery went into meltdown

    http://www.dailymail.co.uk/news/art...rway-central-reservation-explodes-flames.html

    Now this....

    Tesla to cut 9% of jobs in 'difficult but necessary' reorganization

    https://www.cnbc.com/2018/06/12/tesla-to-cut-about-9-percent-of-jobs-across-company-report.html
     
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    • Dennis H

      Dennis H FBBO Gold Member FBBO Gold Member

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      I wish them success if they get off the government dole. Elon does not walk on water. Back in the early days, the boys made it on their own. Chrysler, Ford, Sloan, etc.
       
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      • KENTON

        KENTON Well-Known Member

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        Sure glad that was a truck instead of my Roadrunner.
         
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        • 64'Belvedere

          64'Belvedere Member

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          Not to get political as both sides are equally disastrous but had the free market been allowed to work back in 2008-9-10 one of the big 3 would have gone out of business (probably GM) and a guy like Musk (or anyone with a good idea for that matter) could have come along and bought factories and tooling for pennies on the dollar and probably had a good shot at making a better mousetrap......i.e. Tesla's. But GM and Chrysler were propped up by the US taxpayer so they could stay in business and waste billions more on bad decisions so the US taxpayer will have to prop them up during the next recession.
           
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          • Budnicks

            Budnicks Sir Posts A lot FBBO Gold Member

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            figures

            can't say I'm surprised
             
          • 5.7 hemi

            5.7 hemi FBBO Gold Member FBBO Gold Member

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            Chrysler isn’t a US owned company anymore, so US tax dollars wouldn’t be needed to save them if it was a need to keep them afloat.
             
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            • SlinktRR

              SlinktRR Well-Known Member

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              64belv brings up a great point, maybe GM and ford should've fallen to create opportunities for a Musk type. However, losing bedrock American industry to foreign ownership was worth preventing especially at the time. 2008-2009 was a fast moving financial crisis.
               
            • BeeKool

              BeeKool FBBO Gold Member FBBO Gold Member

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              I wish it still was American owned. FIAT is really screwing it over, and it looks to be circling the drain.
               
            • 5.7 hemi

              5.7 hemi FBBO Gold Member FBBO Gold Member

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            • Richard Cranium

              Richard Cranium FBBO Gold Member FBBO Gold Member

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              • GrabberOrange69

                GrabberOrange69 FBBO Gold Member FBBO Gold Member

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                Plain and simple, they aren't going to make it long term. Certain pieces of the company, like battery technology and solar power efforts, will likely thrive long term, but the company is no where near profitability. It's really a Ponzi scheme being propped up by eager press reporting.

                Total units sold since inception of the Marque: 300,000. $4.157B dollars in debt. They have subsidized every unit over $13,000, and we haven't seen the beginning of the lawsuits certain to follow these battery meltdowns and auto pilot accidents. They have yet to turn a profit. At some point irrational exuberance will end, and the interest they pay on their debt will rise intolerably, and they will be unable to secure new loans; they will be forced into bankruptcy.
                 
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                • Richard Cranium

                  Richard Cranium FBBO Gold Member FBBO Gold Member

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                • WileERobby

                  WileERobby FBBO Gold Member FBBO Gold Member

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                  I'm no economics guru, but don't people go to jail for schemes like this one going on ? And, what happens when this house of cards collapses ? Who's holding the bag ?
                   
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                  • Cranky

                    Cranky Moderator Staff Member FBBO Gold Member

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                    Not too long ago the stock was below 300.....373.00 as I type. Was making pretty good money on them not too long ago but it was kinda scary to play em. Might be a good time to short them lol
                     
                  • Budnicks

                    Budnicks Sir Posts A lot FBBO Gold Member

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                    Taxpayers & investor, the stock holders...
                     
                  • Budnicks

                    Budnicks Sir Posts A lot FBBO Gold Member

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                    Subsidies in the automotive industry
                    IMO isn't a good thing anymore
                    It's like a slush fund for using Taxpayers $$$
                    we have little to no say what it gets spent on...
                    That part is BS govt. picking & choosing losers
                    is exactly what it was then & is sort of today too...

                    I don't like my tax $$'s spent to fund a billionaires pet projects

                    IMO if GM & Chrysler did go bankrupt back then
                    they would have been able to eliminate
                    most if not all bad debt, bad deals {union or other contracts etc.}
                    with all parties !!
                    IMO they would have came out of it stronger, better positioned
                    better leverage for the co.'s involved & for the investors/stock holder...
                    that is if the product warranted it, the free market/consumer will dictate that
                    if not they go under
                    IMO they could have negotiated better contracts,
                    came out of the whole deal & be stronger
                    than the govt. propping them up...

                    It wouldn't have taken' 10's of billions of taxpayers $$$'s either

                    bankruptcy isn't always a bad thing,
                    it's there for these types of situations !!
                    it's not always a death sentence, like some wrongly think
                    {yes it's a bad stigma}
                    depends on what type of bankruptcy is chosen {?}
                    sometime an executor is chosen & will clean house
                    sometimes, the management or contractors are gotten rid of too
                    {good thing in most cases, they drove them into bankruptcy}
                    sometimes it will clean out "all the dead weight/bad debt, labor beefs"
                    the co. can in most cases {depending on what chapter of bankruptcy}
                    pick & choose "who they want to continue doing business with"
                    the employees get paid 1st, always,
                    than the funds get dived up to pay suppliers etc.

                    bad debt "goes by by" or it's decreased to a fraction of what it was

                    the books get opened up & we all see what it has & does
                    it's more complete & total transparency

                    or the Italians buying the majority of the stock of a US car co.

                    or the US Govt. funding Globalism BS, Chinese built GM cars
                    on the taxpayers back, with no say in it at all (thanks Obama/Bush)

                    Chrysler paid off the debt/bail out,
                    so far IIRC GM hasn't
                     
                    Last edited: Jun 18, 2018
                  • Dennis H

                    Dennis H FBBO Gold Member FBBO Gold Member

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                    Link won't work, but one supposed to have burned to the ground in slow traffic in Santa Monica.
                    Spontaneous combustion?
                     
                  • Cranky

                    Cranky Moderator Staff Member FBBO Gold Member

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                    It's no different than cell phones burning up in your hand or those hover boards etc.
                     
                  • Photon440

                    Photon440 FBBO Gold Member FBBO Gold Member

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                    GM is paid off, but Ford isn't expected to finish paying off their government loan until 2022.