 |
Louisiana Light • 4 days | 72.39 | +1.98 | +2.81% | ||
|
Bonny Light • 3 days | 75.19 | +1.17 | +1.58% | ||
|
Opec Basket • 4 days | 72.79 | -0.28 | -0.38% | ||
|
Mars US • 3 days | 71.39 | +1.89 | +2.72% | ||
|
Gasoline • 10 mins | 2.529 | +0.029 | +1.14% |
|
Bonny Light • 3 days | 75.19 | +1.17 | +1.58% | ||
|
Girassol • 3 days | 77.03 | +1.40 | +1.85% | ||
|
Opec Basket • 4 days | 72.79 | -0.28 | -0.38% |
|
Peace Sour • 5 hours | 65.99 | +1.64 | +2.55% | ||
|
Light Sour Blend • 5 hours | 67.29 | +1.64 | +2.50% | ||
|
Syncrude Sweet Premium • 5 hours | 76.24 | +1.64 | +2.20% | ||
|
Central Alberta • 5 hours | 65.59 | +1.64 | +2.56% |
|
Eagle Ford • 4 days | 66.58 | +2.01 | +3.11% | ||
|
Oklahoma Sweet • 4 days | 66.50 | +2.50 | +3.91% | ||
|
Kansas Common • 5 days | 58.25 | -1.50 | -2.51% | ||
|
Buena Vista • 13 days | 76.15 | -1.09 | -1.41% |
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Tesla Targeted by SEC, Cancels Car Buyback Program
Tesla has been making headlines these days because of the investigations into two accident involving Tesla cars, one of them with a fatal result. The company however may have to deal with much bigger problems than whether its autopilot is safe or not very.
Reuters reports that the electric vehicle maker has discontinued a car buyback program that guaranteed buyers they could resell their Model S or Model X to Tesla within three years of purchasing them at no less than 50 percent of the original price.
The news comes on the heel of a warning that the sales target for the second quarter will again miss projections. In the first quarter of 2016, the carmaker shipped 14,820 cars instead of the projected 16,000 cars. The company said at the time that the discrepancy was due to a major shortage in component parts, but that issue was solved before March.
The second-quarter missed sales target warning that Reuters says Tesla posted earlier this month may have more to do with disappointing demand than anything else, as Tesla also cut the base price for the Model S and launched a lower-price version of the Model X.
Related: In World Of $50 Oil, Shale Beats Deepwater
Tesla has announced that over the next 12 months it has enough cash to buy back just 4,209 cars – which amounts to US$192.4 million in total at US$45,711 per car, Reuters has calculated. At the same time, at end-March this year, the total liabilities Tesla had accrued from its buyback guarantee program US$1.58 billion.
In addition to the investigation that focuses on its autopilot program, Tesla is also the target of a Securities and Exchange Commission probe that wants to find out if the company concealed the information about the fatal crash from its investors when it placed US$1.4 billion in new shares in May.
Now, sales are continually falling short of expected demand, and cash is tight. Amid all this, Tesla is planning to acquire SolarCity.
By Irina Slav for Oilprice.com
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Irina Slav
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
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Stock Shaman on July 14 2016 said:It's Tesla this Tesla that. Folks there is a paradigm shift in public transportation going on right now and all you write about is Tesla. Did you know that the Giga 1 Tesla battery plant when it hits 500,000 units will effectively suck up all the lithium mined that year? Did you know that there are another 11 plants being built around the world right now and they will all be operational by 2020? Did you know that Germany, Sweden, Finland and Norway all have legislated the personal fossil fuel car out of existence by 2030? That's right they are going full electric! VW is coming with 30 models and building a lithium battery plant for $11 billion. Did you know that Ford has ponied up $4.5 billion for it's EV plan? A company like Ford or VW can dial up 500,000 ev's in a year without breaking a sweat. Canada now stands at 1% Ev' sales and the buzz I hear is Canada will follow suit..Why? Paris Accord. That’s why the Europeans are going electric to keep too the Paris accord! They are flying electric planes now and developing electric passenger planes (Air Bus) Yet, all you want to read and write about is Tesla,Tesla,Tesla, I feel like a Brady bunch TV. show Marsha x 3. last year $ALB bought the only lithium mine in North America for $6.2 Billion! Since the purchase their stock has gone from $42 to an all-time high of $86 today. They mine water! pull Lithium saturated water from a underground aquifer spray it out over the desert ,let it dry into salt and extract the lithium from the salt. Check out this co. as they may have just discovered what might be "the perfect lithium basin" 120 miles from the Tesla Giga 1 lithium battery plant.
Stock Shaman on July 14 2016 said:
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
