Tesla is a fundamentally crony company. Crony capitalism is built into its DNA, we are sad to say. We like electric cars.
But like we said before, maybe the “Tesla is going to 0” (stock price) guys are right. It certainly doesn’t look good.
But why stash the cars there? Is it to optimize net working capital and give investors – and auditors – the impression of more liquidity than is actually available?
Surely this will, or should, be one of the “boring” questions asked on the company’s conference, if PricewaterhouseCoopers doesn’t ask first.
Meanwhile, Tesla already had to fend off a downgrade from Needham this morning, who warned that Model 3 refunds were moving faster than deposits, something we documented here over a month ago.