Calls for Musk to be in contempt of court

05 April, 2019, 05:56 | Author: Frank Williams
  • Elon Musk is a Sound Cloud rapper now

Newer Tesla models can already do their own lane changes, but only after the driver has "told" the vehicle to do so by using the turn signal stalk. While this number may be up 110 percent when compared to the same period previous year, it still shows a substantial decline of 31 percent when compared to Q4 2018.

Tesla said that it had only delivered half the entire quarter's vehicles by 21 March, and that 10,600 cars were still "in transit" at the end of the quarter.

The company delivered 63,000 vehicles in the last three months, almost 30,000 behind the 90,700 it delivered in the final quarter of 2018 and a long way off the approximately 73,500 analysts had predicted it would.

Tesla's "issue actually with Europe and China is 'how do we get the cars made and on a boat as such that it reaches customers before end of quarter and we don't have a massive number of cars on the water?'" Musk said.

Tesla's share price tumbled almost 9% after the electric carmaker warned on profits following a 31% drop in vehicle deliveries during the first quarter. JPM was almost spot-on with estimated vehicles in transit, however, estimating 10,000 vehicles were still tied-up in logistics.

Since it began last September, he has labeled the SEC the "Shortseller Enrichment Commission", recalling his attacks on investors who sell Tesla stock short, and told CBS's 60 Minutes he did not have respect for the SEC.

Tesla did, however, commit to its full-year guidance of delivering between 360,000 and 400,000 vehicles in 2019.

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To support his arguments, Hueston cited an earlier exchange between the judge and Crumpton in which Nathan said she was "surprised" that the SEC left it up to Musk in so many instances to determine whether to run by his lawyers what he meant to put out publicly.

The deliveries comprised 50,900 Model 3 electric cars and 12,100 Model S and Model X cars. Analysts had predicted Tesla would come closer to replicating third-quarter results, but the quarterly delivery figure fell short of even their tempered expectations. The company produced 62,950 Model 3s in this year's first quarter, up 1.6% from 61,934 in the prior three months. The drop could potentially translate into Tesla missing revenue estimates by more than US$1 billion.

Hueston said the SEC's first step after the tweet about production should have been to approach Tesla in good faith, and Nathan agreed.

There's not really much more to say, because there's not really much more to the song.

Tesla ended past year with about US$3.7 billion of cash and equivalents but had to pay off a US$920 million convertible bond in February.

In August 2018, Musk tweeted that he was "considering taking Tesla private at $420" and had secured funding.

The SEC called the earlier tweet "obviously different" from Tesla's January 30 outlook, when it targeted annualized Model 3 production exceeding 500,000 as soon as the fourth quarter, and projected 360,000 to 400,000 vehicle deliveries this year. Still, Tesla said, it had "sufficient cash on hand", indicating it would not need to raise money.

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