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Chevy Volt a Failure - GM to Layoff 1,300

Discussion in 'Sports and News' started by Evil Bastard (aka Chris_L), Mar 2, 2012.

Page 205 of 243
  1. justgladtobehere

    justgladtobehere Well-Known Member

    How am I not surprised?

    Internal documents reveal the grueling way Tesla hit its 5,000 Model 3 target

     
    justgladtobehere, Aug 21, 2018
    #2449
  2. Justin_Rice

    Justin_Rice Well-Known Member

    Point of order (And not to be the one to defend Musk):

    My girlfriend's brother is a Paintless Dent Repair guy. A real magician at it.

    And one of his gigs is teaching other PDR guys who work for a major car manufacturer, because a shockingly high number of vehicles roll off the assembly line with dings, dents and scratches that must be fixed.


    So when they say all these Teslas "needed a rework," and "it took 37 minutes to repair on average," I'm going to need to know what exactly the reworks were for, beforeI show internet outrage.
     
    Justin_Rice, Aug 22, 2018
    #2450
  3. Azrael

    Azrael Well-Known Member

    Other than the bumpers falling off in the rain?

    https://jalopnik.com/bumper-falls-off-brand-new-tesla-model-3-after-30-minut-1828306917
     
    Azrael, Aug 22, 2018
    #2451
    Justin_Rice likes this.
  4. The Big Ragu

    The Big Ragu Moderator Staff Member

    I saw an analyst yesterday STILL talking about how they have revolutionized the car-making process. Shit you not.

    They were assembling cars in a tent in the parking lot during that push.

    From what I understand (although I don't know much about car assembly), Teslas are easier to assemble than cars with internal combustion engines, because there are fewer internal parts required. I don't know the whys of why that would be the case, but I remember reading it somewhere.
     
    The Big Ragu, Aug 22, 2018
    #2452
  5. justgladtobehere

    justgladtobehere Well-Known Member

    Tesla's rate for building cars that didn't need rework was one-fifth of that for an average plant. Musk 1) had to run manufacturing 24 hours; 2) had to build a tent; and 3) had a terrible rework rate just to reach a production number that he promised to meet years ago that he may not be sustaining while not delivering the "mass market" priced version he hyped.
     
    justgladtobehere, Aug 22, 2018
    #2453
  6. Buck

    Buck Well-Known Member

    The real story is jut not taking with the general public.
    Two years ago I was at a Rotary breakfast with a cardiac surgeon, proud Tesla owner, both of vehicles and stock.
    He kept telling me I didn't get. It's not a product company; it's an R&D/IP company.

    Yesterday I was at lunch break on a video shoot, and the producer is telling me Musk is clearly a genius and visionary but just has a chemical imbalance.
    I said 'I don't know about genius, but all successful con men are smart.'

    Both of these guys are pretty smart fellows. I've known the surgeon for years. He's in my Rotary club. I really like him.
    But how are people still being duped by all of this?
     
    Buck, Aug 22, 2018
    #2454
  7. poindexter

    poindexter Well-Known Member

    Not paying your bills isn't going to affect profitability (matching principal).
    Does Tesla have auditors?
     
    poindexter, Aug 22, 2018
    #2455
  8. Hermes

    Hermes Well-Known Member

    I had a surgeon/specialist who drove a Tesla X and wouldn't shut up about it when I went to his office. There's definitely a sort of person who is attracted to owning them and I'd guess doctors are a big part of that category of rich people who believe in the power of ideas/skill over economic realities.
     
    Hermes, Aug 22, 2018
    #2456
  9. The Big Ragu

    The Big Ragu Moderator Staff Member

    That's a good point. I am working from memory, but it was during the quarter (I believe middle or late 2016) where he did manufacture a profit, mostly by pulling forward sales of ZEV credits and muzzling the cash burn for a few months. The accounts payable number did jump, by something like half a billion or more dollars, and you are right, that shouldn't affect profitability, at least on an accrual basis. So I may be wrong. I am not sure if there was a trick they could have used on a non-GAAP basis to make that money owed not be a liability, but I don't have time at the moment to go find the quarter and look at their financial statement from back then. It would have affected the cash burn rate, though, and the whole point of the exercise for him was to do, a "We don't need to raise capital" song and dance. Even though he did need to raise money and did. Maybe that is what I was remembering.

    As for Tesla's auditors, I have asked myself that looking at the financials they create. What they throw out on a non-GAAP basis can be mind boggling. Turning leasing programs into sales, for examples. I'd say it should be criminal, but in the casino environment that equity markets are operating under, investors don't hold their feet to the fire, so at the end of the day, those investors get what they deserve. As for its auditor, I believe it is still PWC. There were at least 2 years early in Tesla's publicly-traded life that they had to go back and restate earnings because the irregularities went way overboard (and the auditor may as well not have existed). I always tend to think with things like that, that where there are one or two instances, it doesn't end there. There are allegations from the whistleblower who is suing Musk (the "sabateur") that the company makes up production and sales numbers.
     
    The Big Ragu, Aug 22, 2018
    #2457
  10. poindexter

    poindexter Well-Known Member

    Coulda helped their cash flow. After I posted that last post, I googled their auditors, it is PWC.

    I used to work in public accounting, and having to give the okay for 10qs is surprisingly stressful, even for the podunk little shit public companies I audited. Real tight deadlines, and there isn't the same level review as year-end stuff. Easier for companies to "get away with shit".
     
    poindexter, Aug 22, 2018
    #2458
  11. Justin_Rice

    Justin_Rice Well-Known Member


    My orthodontist buddy drives one. I really enjoyed the ride around town, and he loves it (this is his second). .... bumper might fall off, though.
     
    Justin_Rice, Aug 23, 2018
    #2459
  12. justgladtobehere

    justgladtobehere Well-Known Member

    Has he thanked you for subsidizing his purchase of a luxury car?
     
    justgladtobehere, Aug 23, 2018
    #2460
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