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Tesla's Supercharger Team was recently laid off. We discuss what this means for the company on today's TMC Podcast streaming live at 1PM PDT. You can watch on X or on YouTube where you can participate in the live chat.
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Edited accordingly. Having worked as a Federal officer myself, I know first-hand the capacity for and dangers of group-think by Federal regulators. Sounds like group-think got out of control at the NY Fed. But if this is business as usual at GS, then just..."barf."
Makes the recent GS "FUDGrade" on TSLA sting a little more.
callmesam
Member
Judge Slams Brakes on Tesla Shareholder Suit | The Recorder
SAN FRANCISCO — The accusations centered on electric car fires, but it was the securities suit against Tesla Motors Inc. that crashed and burned Friday in federal court.
Tesla executives didn't cover up fire risks posed by batteries in the company's luxury Model S cars, U.S. District Judge Charles Breyer said, dismissing the complaint without leave to amend. Nor were company statements lauding the cars' safety false, despite three car fires reported in 2013.
"I'm at a total—I mean total—loss understanding the basis for this lawsuit," Breyer said.
Extreme circumstances, including a 100 MPH crash, caused the fires at the heart of the litigation—not a battery defect. In fact, Breyer said, Tesla cars seem to have contributed to the survival of the cars' occupants. In each case, the victims walked away without serious injuries before the cars ignited.
"Tesla said that this car was found to be one of the safest cars ever developed," Breyer said. "That seems to be the case. There's no evidence that that's not true."
Plaintiffs attorney Matthew Tuccillo, a partner in Pomerantz's New York office, countered that Tesla CEO Elon Musk didn't disclose a fire during a factory test "that spun wildly out of control and required 23 first responders."
But Breyer remained unconvinced. "How many fires have occurred with this very dangerous battery" that were not caused by crashes or road debris striking the battery in the car's undercarriage, he asked.
"The answer during the class period and since is zero," said Tesla attorney David Siegel, a partner in Irell & Manella's Los Angeles office. "That risk has never realized."
Tuccillo also accused Musk of misleading shareholders when answering questions about a car battery that ignited in Washington in October 2013. Musk already knew of a second battery fire, but failed to mention it, Tucillo said.
But Breyer brushed that off, saying federal securities law doesn't require executives to provide "a stream of consciousness disgorgement about everything everyone knows about everything."
SAN FRANCISCO — The accusations centered on electric car fires, but it was the securities suit against Tesla Motors Inc. that crashed and burned Friday in federal court.
Tesla executives didn't cover up fire risks posed by batteries in the company's luxury Model S cars, U.S. District Judge Charles Breyer said, dismissing the complaint without leave to amend. Nor were company statements lauding the cars' safety false, despite three car fires reported in 2013.
"I'm at a total—I mean total—loss understanding the basis for this lawsuit," Breyer said.
Extreme circumstances, including a 100 MPH crash, caused the fires at the heart of the litigation—not a battery defect. In fact, Breyer said, Tesla cars seem to have contributed to the survival of the cars' occupants. In each case, the victims walked away without serious injuries before the cars ignited.
"Tesla said that this car was found to be one of the safest cars ever developed," Breyer said. "That seems to be the case. There's no evidence that that's not true."
Plaintiffs attorney Matthew Tuccillo, a partner in Pomerantz's New York office, countered that Tesla CEO Elon Musk didn't disclose a fire during a factory test "that spun wildly out of control and required 23 first responders."
But Breyer remained unconvinced. "How many fires have occurred with this very dangerous battery" that were not caused by crashes or road debris striking the battery in the car's undercarriage, he asked.
"The answer during the class period and since is zero," said Tesla attorney David Siegel, a partner in Irell & Manella's Los Angeles office. "That risk has never realized."
Tuccillo also accused Musk of misleading shareholders when answering questions about a car battery that ignited in Washington in October 2013. Musk already knew of a second battery fire, but failed to mention it, Tucillo said.
But Breyer brushed that off, saying federal securities law doesn't require executives to provide "a stream of consciousness disgorgement about everything everyone knows about everything."
anticitizen13.7
Not posting at TMC after 9/17/2018
LOL at the "total loss" comment. I'm appalled at the pond scum arguments of the Plaintiffs' lawyer? Why are these people so awful? Seriously. Many of the most idiotic arguments I've ever heard come from lawyers. Just glad that judges give them the smack down.
chickensevil
Active Member
http://www.thestreet.mobi/story/12893251/1/no-tesla-does-not-outsell-the-mercedes-s-class-in-the-us-or-globally.html?puc=yahoo&cm_ven=YAHOO
So when Tesla sells 60k MS next year will this author be happy? If Tesla was still just selling in the US I have no doubt they would have maintained their lead... Hard to hold a lead over your competition when you are production capped. And no one to my knowledge has claimed anything about 2014... It has always been said that it happened in 2013 and has been left at that. This is FUD at its finest.
So when Tesla sells 60k MS next year will this author be happy? If Tesla was still just selling in the US I have no doubt they would have maintained their lead... Hard to hold a lead over your competition when you are production capped. And no one to my knowledge has claimed anything about 2014... It has always been said that it happened in 2013 and has been left at that. This is FUD at its finest.
This is the same guy who consistently spreads FUD about Tesla on seekingalpha:
http://m.seekingalpha.com/author/anton-wahlman
The most recent article was a comparison between the Model S and the Buick LaCrosse.
I wonder how many Mercedes Dealerships (stores) there are compared to Tesla stores? How much did Mercedes spend on advertising?
chickensevil
Active Member
Considerably more than Tesla on both accounts. Tesla is selling in places they don't even have service centers hegemon's stores... When Tesla gets better coverage of the US I don't doubt they will easily sell more than MB
I'm sure in a few years Tesla's Model S will outsell the S-class, but that comparison is not really relevant. The Model S is competing with the E and S class , and I seem to recall it in size fits beween the two. I doubt Tesla will outsell MB the brand except maybe in California for the next 5 years, but as long as Tesla is production constrained does it really matter? If they are selling all the cars they can make with no rebates who cares if that is more or less than MB?
Cobos
Cobos
I believe there is an add on effect of being the best selling luxury car in America. More buyers in the "E" class range and "C" class range might look at your product since its the best selling Top of the line model.
That being said I agree it is a moot point unless Tesla can catch production up to demand.
These folks are the Black Hats as I see it. Not a complete list. Perhaps someone would care to add to it?
Anton Wahlman
John Peterson
Logical Thought Mark B. Spiegel
Palo Santos
Phil Leboe (Stock Price too high?)
Adam Jonas.
I innocently went by a store to see the new features firsthand, and found out they are secret still. I got the distinct impression they are moving the older cars before announcing the new features. Given how tight their distribuition/inventory is that could be pretty soon, next week or two at a total guess. That might be a real positive for the stock actually.
chickensevil
Active Member
Looks like we are going to experience another amplified movement from the market going down... Nasdaq premarket down .90%
Looks like we have unrest in Hong Kong, an EU Central Bank meeting later this week, and jobs data which is pending release...
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As for today, personal income and consumer-spending reports are to be released today along with pending home sales for August. So if those end up being positive we could quickly move out of the red. Expect Tesla to continue to be pushed around by the broader market until we get some actual company news to move us.
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Yeah, from the report it seems like it was all positive surrounding the income and spending report... *scratches head* this should easily pull us up since this is the best month since March.
Of note:
Looks like we have unrest in Hong Kong, an EU Central Bank meeting later this week, and jobs data which is pending release...
- - - Updated - - -
As for today, personal income and consumer-spending reports are to be released today along with pending home sales for August. So if those end up being positive we could quickly move out of the red. Expect Tesla to continue to be pushed around by the broader market until we get some actual company news to move us.
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Yeah, from the report it seems like it was all positive surrounding the income and spending report... *scratches head* this should easily pull us up since this is the best month since March.
Of note:
Consumer Spending in U.S. Climbed in August on Income Gain - Bloomberg
chickensevil
Active Member
Well, strangely TSLA on open has shifted in opposite direction from the Nasdaq. Tesla is still going down while the Nasdaq seems to be trying to pull back up at the moment. The only "news" I see on Tesla right now is complaints about charging challenges in China. Which is still mostly an overblown issue.
Like this article:
Tesla Motors Facing Challenges Installing Chargers In China
Personally I think the Chinese government is going to step in on this one soon enough to clear the path. With their government wanting to push hard toward EVs any issues they might have right now in China getting chargers installed will be a thing of the past very shortly.
Like this article:
Tesla Motors Facing Challenges Installing Chargers In China
Personally I think the Chinese government is going to step in on this one soon enough to clear the path. With their government wanting to push hard toward EVs any issues they might have right now in China getting chargers installed will be a thing of the past very shortly.
chickensevil
Active Member
Looks like whatever was holding TSLA back in the early minutes has subsided and we have been trading in sync again with the Nasdaq, which is good because we have almost wiped out the red.
Not sure what to make of the housing news, to me it seems like a good thing (and I suppose the market must think so as well).
http://www.cnbc.com/id/102040651#
The number of listings seems to be falling but the number of people wanting to buy seems to be continuing to rise shifting the market into a buyer's market for housing.
Not sure what to make of the housing news, to me it seems like a good thing (and I suppose the market must think so as well).
http://www.cnbc.com/id/102040651#
The number of listings seems to be falling but the number of people wanting to buy seems to be continuing to rise shifting the market into a buyer's market for housing.
chickensevil
Active Member
Don't look at me, I was parroting the report which states:
Their description seems to indicate a buyer's market. In either case, both reports seem to be taken positively by the market and is helping put Tesla back in the green, so regardless of the state of the housing market I will take it
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