Tesla shares fall after Moody's downgrades credit rating and reports call out Tesla lies

 

Tesla shares fall after Moody's downgrades credit rating and reports call out Tesla lies

  • Moody's lowered its corporate family rating on Tesla to B3 from B2 and changed the outlook to negative from stable.
  • "Tesla's ratings reflect the significant shortfall in the production rate of the company's Model 3 electric vehicle," Moody's said in a release.
  • The price on Tesla's eight-year junk bond, which matures in 2025, fell to its lowest since it was issued in August. It hit 90.8 cents late Tuesday afternoon just ahead of the Moody's announcement, according to IHS Markit.

@chengevelyn

CNBC.com

     
     
     
     
     
Elon Musk speaks on stage during the Westworld Featured Session during SXSW at Austin Convention Center on March 10, 2018 in Austin, Texas.

FilmMagic | HBO | Getty Images

Elon Musk speaks on stage during the Westworld Featured Session during SXSW at Austin Convention Center on March 10, 2018 in Austin, Texas.

 

Lithium ion batteries: Cause wars in the Congo, Afghanistan and Bolivia; are owned by ex-CIA bosses;  mutate fetuses when they burn; destroy your brain, lungs and nervous system when they burn; kill the factory workers who make them; cause Panasonic to be one of the most corrupt companies in the world; poison the Earth when disposed of; can't be extinguished by firemen; poison firemen; are based on criminally corrupt mining schemes like URANIUM ONE; Have over 61 toxic chemicals in them; come from an industry that spends billions on internet shills and trolls used to nay say all other forms of energy; are owned by corrupt U.S. Senators who are running a SAFETY COVER-UP about their dangers; Apple products with lithium ion batteries have been exploding and setting people on fire; over time the chemical dendrites inside each battery grow worse and increase the chances of explosion over time - LITHIUM ION BATTERIES BECOME MORE AND MORE LIKELY TO EXPLODE AS TIME GOES ON AND AS THEY AGE; "Bad Guys" have figured out to make them explode remotely; have their dangers hidden by CNN and MSM because pretty much only the DNC people profit from them; are the heart of Elon Musk's stock market scam; the Obama Administration promised Silicon Valley oligarchs the market monopoly on lithium ion batteries and the sabotage of fuel cells in exchange for campaign financing and search engine rigging; United States Senators that are supposed to protect us from these deadly products own the stock market assets of them so they protect them and stop the FDA, OSHA, DOT & NHTSA from outlawing them. WRITE YOUR ELECTED REPRESENTATIVE AND DEMAND THAT LITHIUM ION BATTERIES BE MADE ILLEGAL TO SELL!

Elon Musk exists because he bribed DNC politicians and Senators Feinstein, Reid, Boxer, Harris, Clinton and Pelosi to give him free taxpayer cash and government resources from the Dept. of Energy and the Calif treasury. DOE has been covering-up organized crime activities at DOE in which DOE funds are being used as a slush-fund to pay off DNC campaign financiers and to pay for CIA/GPS Fusion-Class attacks on Silicon Valley business competitors of those DNC campaign financiers who DOE staff share stock market holdings with. Elon Musk is a criminal, a mobster, an asshole, a bald fake-hair wearing, plastic surgery-addicted, douchebag, woman abusing, sex addicted, tax evader. Musk exploits poor people and child slaves in the Congo and Afghanistan to mine his lithium and Cobalt. Musk spends billions per year to hire Russian trolls, fake blogger fan-boys and buy fake news self-aggrandizement articles about himself. Musk thinks he is the 'Jesus' of Silicon Valley. Fake News manipulator Google is run by Larry Page and Larry is Musk's investor and bromance butt buddy. Musk uses massive numbers of shell companies and trust funds to self-deal, evade the law and hide his bribes and stock market insider trading. A huge number of Tesla drivers have been killed and Musk covers it up. The DNC and the MSM refuse to allow any articles about Musk's crimes to be printed because they benefit from Musk's crimes. Musk has been professionally diagnosed as a 'psychotic narcissist.' In EVERY blog that you read that mentions 'Musk', at least 1/3 of the comments have been placed their by Musk's paid shills. Musk holds the record for getting sued for fraud by his investors, wives, former partners, employees, suppliers and co-founders. Elon Musk has gone out of his way to hire hundreds of ex-CIA staff and assign them to "dirty tricks teams" to attack his competitors and elected officials who Musk hates. Musk never founded his companies. He stole them in hostile ownership take-overs. Musk can't fix a car or build a rocket and has almost no mechanical skills. Musk is a lying con artist and partners with Goldman Sachs to rig the stock market. Over 1000 witnesses can prove every one of those claims in any live televised Congressional hearing!

Moody's downgraded Tesla's credit ratings Tuesday and changed its outlook to negative from stable, citing "significant shortfall" in the Model 3 production rate and a tight financial situation.

The credit ratings agency also said the electric car maker will likely need to raise more money in the near future to meet its cash needs and maintain its expected pace of expansion.

Moody's lowered its corporate family rating on Tesla to B3 from B2 and downgraded its rating on the company's senior notes to Caa1 from B3. The speculative grade liquidity rating was cut to SGL-4 from SGL-3.

Tesla declined to comment on the Moody's downgrade. S&P has a negative B rating on Tesla and a negative outlook, as of April 2017.

Tesla shares fell 2 percent in premarket trading Wednesday.

Tesla junk bond price drops

Source: TRACE

"Tesla's ratings reflect the significant shortfall in the production rate of the company's Model 3 electric vehicle," Moody's said in a release. "Tesla's rating could be lowered further if there are shortfalls from its updated Model 3 production targets."

Elon Musk's electric car company had planned to produce 5,000 Model 3 sedans a week by the end of last year, but has since pushed that goal out by half a year.

The automakers' shares were mildly lower in after-hours trading Tuesday. They fell 8.2 percent during the day to their lowest since Feb. 2017 after the National Transportation Safety Board tweeted it was investigating a fatal Tesla car crash. Shares are now down 28 percent from their record high reached in September and in bear market territory.

Tesla slows deliveries to Norway

Tesla slows deliveries to Norway  

The price on Tesla's eight-year junk bond, which matures in 2025, fell to its lowest since it was issued in August. It hit 90.8 cents late Tuesday afternoon just ahead of the Moody's announcement, according to IHS Markit. The yield, which moves inversely to price, rose to 6.91 percent, the data showed.

Tesla raised a more-than-expected $1.8 billion in August for that junk bond offering to fund accelerated production for its Model 3 sedan, despite poor appetite at the time for risky assets.

Traders have been betting heavily against the electric car maker's bonds amid growing worries about the electric car maker's ability to deliver on its production goals. Ninety-nine percent of lendable supply for shorting Tesla's high-yield bond has been used, Sam Pierson, director, securities finance, at IHS Markit said in a Monday note.

Tesla had $3.4 billion in cash and securities at the end of last year, and $1.9 billion through its asset-based lending facility, the Moody's release said. "This liquidity position is not adequate to cover:

1) the approximately $500 million in minimum cash that we estimate Tesla must maintain for normal operations;

2) a 2018 operating cash burn that will approximate $2 billion if Tesla maintains high discretionary capital expenditures to increase capacity; and

3) convertible debt maturities of approximately $1.2 billion through early 2019. These cash needs will likely require Tesla to undertake a near-term capital raise exceeding $2 billion."

"These cash needs will likely require Tesla to undertake a near-term capital raise exceeding $2 billion," Moody's said in the release.

WATCH: NTSB investigating fatal Tesla crash in California

NTSB investigating fatal Tesla crash in California  

 

Evelyn Cheng CNBC

Evelyn ChengWriter

 

MALIBU TESLA MOTORS CRASH BURNS DRIVER ALIVE AND MELTS BODY INTO 'UNRECOGNIZABLE LUMP OF CHARRED FLESH AND MELTED METAL' SAY FIREMEN

CRITICS SAY: "TESLA IS A LIAR AND MANIPULATOR OF DATA FACTS IN ORDER TO COVER UP THE DEADLY DANGERS OF IT'S CARS"

 

Tesla Model S Plunges Off Cliff, Catches Fire, Fatality Reported

Malibu Canyon Road was closed for over nine hours on Monday due to a fire caused by a TeslaModel S going over the edge of the canyon south of the tunnel.

https://insideevs.com/tesla-model-s-plunges-cliff-catches-fire-...

More results

Malibu Tesla Crash Victim Identified - Canyon News

MALIBU — The driver killed on a Tesla car crash in Malibu this past Monday has been identified as 53-year old, Woodland Hills resident Timothy Andre Devine. Devine ...

canyon-news.com/malibu-tesla-crash-victim-identified/30354

Tesla destroyed in fiery crash outside OC Fire Authority ...

A luxury Tesla Model X was destroyed in a fiery crash outside the Orange County Fire Authority headquarters in Irvine.

https://mynewsla.com/orange-county/2017/06/25/tesla-destroyed-...

Malibu blaze ignited by deadly crash of pricey electric Tesla ...

The driver of a vehicle that crashed over the side of Malibu Canyon Road, killing him and igniting a small brush fire, was a 53-year-old man.

 

Lithium ion batteries: Cause wars in the Congo, Afghanistan and Bolivia; are owned by ex-CIA bosses;  mutate fetuses when they burn; destroy your brain, lungs and nervous system when they burn; kill the factory workers who make them; cause Panasonic to be one of the most corrupt companies in the world; poison the Earth when disposed of; can't be extinguished by firemen; poison firemen; are based on criminally corrupt mining schemes like URANIUM ONE; Have over 61 toxic chemicals in them; come from an industry that spends billions on internet shills and trolls used to nay say all other forms of energy; are owned by corrupt U.S. Senators who are running a SAFETY COVER-UP about their dangers; Apple products with lithium ion batteries have been exploding and setting people on fire; over time the chemical dendrites inside each battery grow worse and increase the chances of explosion over time - LITHIUM ION BATTERIES BECOME MORE AND MORE LIKELY TO EXPLODE AS TIME GOES ON AND AS THEY AGE; "Bad Guys" have figured out to make them explode remotely; have their dangers hidden by CNN and MSM because pretty much only the DNC people profit from them; are the heart of Elon Musk's stock market scam; the Obama Administration promised Silicon Valley oligarchs the market monopoly on lithium ion batteries and the sabotage of fuel cells in exchange for campaign financing and search engine rigging; United States Senators that are supposed to protect us from these deadly products own the stock market assets of them so they protect them and stop the FDA, OSHA, DOT & NHTSA from outlawing them. WRITE YOUR ELECTED REPRESENTATIVE AND DEMAND THAT LITHIUM ION BATTERIES BE MADE ILLEGAL TO SELL!

Elon Musk exists because he bribed DNC politicians and Senators Feinstein, Reid, Boxer, Harris, Clinton and Pelosi to give him free taxpayer cash and government resources from the Dept. of Energy and the Calif treasury. DOE has been covering-up organized crime activities at DOE in which DOE funds are being used as a slush-fund to pay off DNC campaign financiers and to pay for CIA/GPS Fusion-Class attacks on Silicon Valley business competitors of those DNC campaign financiers who DOE staff share stock market holdings with. Elon Musk is a criminal, a mobster, an asshole, a bald fake-hair wearing, plastic surgery-addicted, douchebag, woman abusing, sex addicted, tax evader. Musk exploits poor people and child slaves in the Congo and Afghanistan to mine his lithium and Cobalt. Musk spends billions per year to hire Russian trolls, fake blogger fan-boys and buy fake news self-aggrandizement articles about himself. Musk thinks he is the 'Jesus' of Silicon Valley. Fake News manipulator Google is run by Larry Page and Larry is Musk's investor and bromance butt buddy. Musk uses massive numbers of shell companies and trust funds to self-deal, evade the law and hide his bribes and stock market insider trading. A huge number of Tesla drivers have been killed and Musk covers it up. The DNC and the MSM refuse to allow any articles about Musk's crimes to be printed because they benefit from Musk's crimes. Musk has been professionally diagnosed as a 'psychotic narcissist.' In EVERY blog that you read that mentions 'Musk', at least 1/3 of the comments have been placed their by Musk's paid shills. Musk holds the record for getting sued for fraud by his investors, wives, former partners, employees, suppliers and co-founders. Elon Musk has gone out of his way to hire hundreds of ex-CIA staff and assign them to "dirty tricks teams" to attack his competitors and elected officials who Musk hates. Musk never founded his companies. He stole them in hostile ownership take-overs. Musk can't fix a car or build a rocket and has almost no mechanical skills. Musk is a lying con artist and partners with Goldman Sachs to rig the stock market. Over 1000 witnesses can prove every one of those claims in any live televised Congressional hearing!

Compared To How Many Tesla VIN #'s Have Been Issued, Tesla Has Had A Huge Number Of Accidents And Deaths For Such A Tiny Car Company

TESLA'S ARE REGULARLY HACKED AND REGULARLY CRASH. A NUMBER OF TESLA DRIVERS HAVE KILLED INNOCENT BYSTANDERS, BICYCLISTS AND ONCOMING DRIVERS.

Driver's name in fatal crash not yet released

|By Bryce Alderton | By Bryce Alderton

  • One of the vehicles involved in Tuesday morning's double fatal crash on Laguna Canyon Road.

One of the vehicles involved in Tuesday morning's… (Courtesy Laguna…)

Laguna Beach police are interviewing the driver of a third vehicle who witnessed the fatal head-on auto collision that killed two men Tuesday morning on Laguna Canyon Road, police Capt. Jason Kravetz said Friday.

Kravetz said a white Mercedes sedan was in the lane next to the Tesla that veered into oncoming traffic and collided with a Honda Accord, killing Alberto Casique-Salinas, 46, of Anaheim, and Armando Garcia-Gonzales, 38, of Santa Ana. The men were heading westbound on Laguna Canyon Road on their way to work for a Laguna Beach landscaping company, police said.

Due to the ongoing investigation, Kravetz said he could not release the name of the Tesla driver, who police said was hospitalized Tuesday and released later that day.

Traffic accidents often take longer to investigate than other incidents due the amount of information that needs to be collected, Kravetz said. Investigators interview witnesses and determine the place where the vehicles collided and how fast they were traveling, he said. Police have interviewed several independent witnesses.Alcohol does not appear to be a factor in the collision, which took place near El Toro Road, police said. Kravetz noted that a Tesla weighs about 4,700 pounds while a Honda Accord weighs about 2,700 pounds.

Police received several 911 calls at 6:43 a.m. Tuesday reporting the crash.

Laguna Canyon Road was closed in both directions for several hours from El Toro Road to the 73 Freeway, about a half-mile stretch, and reopened just after 1 p.m. Tuesday, police said.

 

 

Tesla engineers assisted firefighters in controlling electric burning battery

by Kevin Forestieri / Mountain View Voice

 

The Tesla manual offers instructions for first-responders to safely disconnect the electric car's battery. Cutting the red loop in two places shuts down the high-voltage system to the battery.

A driver who died in a fiery car crash on Highway 101 has been identified by the Santa Clara County medical examiner's office.

San Mateo resident Wei Huang, 38, died of his injuries on Friday afternoon after his Tesla collided with a median at freeway speeds, triggering a three-vehicle accident and causing the car to catch fire.

The crash occurred around 9:30 a.m., when the Tesla Model S struck the barrier separating the Highway 85 carpool flyover lane from southbound Highway 101, according to California Highway Patrol officials. The Tesla careened into two lanes of Highway 101, where it was struck by a Mazda and then an Audi. Huang was transported to Stanford Hospital, where he died of his injuries.

Emergency fire crews arrived at the crash shortly after 9:30 a.m., and found that the front end of the Tesla had "substantial damage," exposing the vehicle's lithium ion battery and causing it to catch fire, according to Mountain View Police Chief Juan Diaz. Electric vehicle fires are typically put out by blasting a large quantity of water -- 3,000 gallons -- directly on the battery to bring down the temperature of the cells, which can overheat and reach temperatures of up to 900 degrees, he said.

Diaz said the department was put in a difficult situation. Fire crews had 500 gallons of water at the scene, but getting any more would have required running 2,000 feet of thick fire hose across Highway 101, which would have been catastrophic for traffic in both directions, Diaz said. But letting the car continue to burn on a busy highway, destroying the battery, would have been a bad choice as well, he said.

"In the middle of the Highway 101 freeway, that's not something we want to do," he said. "And it's not good for the environment with the byproducts of combustion."

Fire crews used the available supply of water and contacted the manufacturer of the vehicle, Palo Alto-based Tesla, to assist in getting the battery's temperature under control. Diaz said the engineers essentially disassembled a portion of the car battery on the spot, and that subsequent thermal imaging showed that the battery was no longer unstable.

Fire engines escorted the tow truck that removed the Tesla all the way to the impound yard out of an abundance of caution, Diaz said. Car batteries are capable of reigniting for 24 hours after cooling.

The challenging situation was made worse by the significant damage caused by collision itself. Diaz said that Tesla vehicles are built to be very safe, with features to help first responders deal with lithium ion batteries that ignite, but in this case emergency crews had no access to the battery's disconnect wires because they were destroyed on impact. This is the first time the department has dealt with this kind of problem, Diaz said, and he commended his department's response to the dangerous situation.

 

Elon Musk’s Earnings 'Magic' Lies Exposed

by Tyler Durden

 

Submitted by Michael Lebowitz via 720Global.com,

Following the end of each fiscal quarter, SEC registered corporations release their financial statements. Typically, investors and the media place a lot of importance on these results. Consequently, stock prices tend to rise or fall based on how the financial results compare to a consensus of estimates made by Wall Street analysts.

Since the beginning of the current quarter (10/1/2016), 76% of the 113 S&P 500 companies that have released earnings results have exceeded expectations. Like so many quarters before, many investors and media pundits are supporting the naïve conclusion that earnings are better than expected. Unfortunately, few investors are paying attention to the measurement tool, expected earnings, to gauge its usefulness as a measure of earnings quality. In this article we uncover the crafty game that Wall Street and corporate investor relations departments’ play to put a positive spin on earnings releases and at the same time give the impression that stock prices are cheap based on forward looking earnings expectations.

Miraculous Results

The graph below shows that actual aggregate earnings growth for the S&P 500 has exceeded the corresponding consensus final expectation for earnings growth without fail since at least the second quarter of 2012. Not once has a quarter’s earnings (green bar) been lower than the most recent earnings expectation (red bar).

Final Earnings Expectations versus Actual Earnings

To comprehend how corporate earnings can regularly exceed respective expectations quarter after quarter, one must recognize how earnings forecasts are used to manipulate investor expectations. When one studiesthe trend of earnings forecastsfrom a year preceding the results to the weeks prior the results, one will notice two things. First, initial earnings forecasts, are crafted to tell a bullish long term story of strong earnings growth. Second, over the course of the ensuing year, the estimates are adjusted significantly downward to temper expectations and therefore make actual earnings that fall far short of the original forecast appear pleasantly surprising.

Consider that since the second quarter of 2012, earnings growth forecasts made a year in advance averaged 14.76%. Over the same five year period, actual earnings growth was 3.82%, or 75% below the original estimate. Of the last 17 quarters the best one year advance estimate of earnings growth was overstated by 25%. Astonishingly, this period includes quarters where economic growth exceeded forecasts, so a worse than expected environment cannot always be blamed. The last four quarters have seen actual earnings growth (-2.70%) fall grossly short of one year advance forecasts for growth (+14.30%) by over 100%.

As time progresses from one year prior to any earnings release to three months, we find that earnings expectations were still grossly overestimated. At the three month time frame analysts should have a much better grasp of the factors that drive corporate performance. Despite the additional clarity, three month prior earnings expectations still averaged 32% higher than actual earnings from 2012 through the most recent quarter.

The following graphs illustrate the “earnings game” being peddled by corporate America through their Wall Street enablers. The first graph shows the average migration of earnings expectations over the course of the year preceding the actual results. The data covers the 17 quarters from the second quarter of 2012 to the second quarter of 2016. Note the large forecasting error (labeled “massive miss” below) between expected results a year in advance and actual results. Also, notice the better than expected results (“respectable beat”) when compared to expectations at the end of the quarter immediately prior.

Earnings Expectation Migration

 

The graph below highlights the consistency with which average earnings expectations have trended lower in each of the last 17 quarters.

Earnings Migration by Period

The black line represents quarterly forecasts of earnings growth one year in the future. The green line shows that,six months later, earnings growth has been revised downwards in every instance.

Earnings expectations continue to get revised lower as shown by the red line, which represents earnings expectations three months prior to their release. The yellow line shows expectations in the quarter that earnings are due to be released. As you can see in every instance, earnings expectations are at their highest a year in advance, and lowest in the quarter they are due to be reported. Hardly a coincidence, we suspect. In Q2 2016 notice how earnings expectations declined from +13.70% a year ago to the final estimate of -3.80%.

Summary

Consider the ploy that companies and Wall Street are using to fool the investing public.

  • First, they grossly overestimate earnings for the upcoming year. By overestimating earnings, they tout financial ratios based upon inaccurate expected earnings and sell investors on a bright future. How many times have analysts claimed that forward looking price to earnings ratios are constructive for price gains? How “constructive” would they be if the expectations were reconciled to reality and lowered by 75%?

  • Second, they progressively lower expectations prior to the earnings release so that financial results are effectively underestimated. The same analysts that peddled double digit earnings growth a year earlier somehow can now claim that earnings are better than they expected.

If actual earnings varied somewhat randomly from above expectations to below expectations, we would likely fault the analysts and corporations with being poor forecasters. But when such one-directional forecasting errors routinely and consistently occur, it is more than bad forecasting. At best one can accuse Wall Street analysts and the companies that feed them information of incompetence. At worst this is another pure and simple case of institutions gaming the system through a fraud designed to prop up stock prices. Take your pick, but in either case it is advisable to ignore the spin that accompanies earnings releases and apply the rigor of doing your own analysis to get at the veracity of corporate earnings.

 

 

 

Battery Fire After Fatal Model X Crash Takes 35 Firefighters To Extinguish (Headlines)

BY  ON NEWS

 

A Tesla Model X driver died of his injuries earlier today after his vehicle caught on fire in a crash on the highway in the Bay Area. Following the accident, Tesla assisted in the removal of the battery pack that caught on fire.

But there’s no doubt that they burn differently due to the battery packs and it is affecting the work of first responders as we reported in a ‘Behind the scene look at how firefighters disabled a Tesla battery while extinguishing a Model S fire’.Battery Fire After Fatal Model X Crash Takes 35 Firefighters To Extinguish

 

TESLA WORKED TO CUT THE ENTIRE FRONT OF THE CAR OFF AND HIDE IT FROM THE PRESS

 

By 

MOUNTAIN VIEW, Calif. (KGO) --

After Friday's fiery fatal crash of a Tesla Model X on U.S. Highway 101, police and firefighters are assessing how emergency response will need to change in a world where electric cars are becoming more common.

On Monday, Caltrans workers were at the scene, clearing debris and repairing a freeway divider that was damaged when the Tesla crashed into it and was struck by two other cars before becoming engulfed in flames. The crash shut down a carpool ramp and two lanes of the freeway for almost 6 hours -- twice as long as most accidents of this type, said Ofc. Art Montiel, a spokesperson for the California Highway Patrol.

RELATED: Tesla driver hospitalized after fiery crash on southbound Hwy 101 in Mountain View

"Because the battery was exposed, we were unsure whether it was safe for us to move the vehicle," Montiel said.

Mountain View's Fire Department typically puts out a car fire in minutes. But according to Chief Juan Diaz, this is the first time the department has had to deal with a Tesla battery that was split open and on fire.

Made up of more than 7,000 individual cells, many of them strewn across several lanes of the freeway, the battery was both an electrocution hazard and a fire hazard, the chief said. Lithium-ion batteries damaged from impact can go into a state called "thermal runaway."

"The battery itself overheats, the plastic components that separate the modules of the battery begin to ignite, and eventually, you wind up with a battery that is on fire," he said, adding that lithium ignites at a temperature of more than 900 degrees Fahrenheit.
 

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Dean C. Smith@DeanCSmith

Here is the scene on Highway 101S in where a caught on fire

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Chief Diaz said the fire department considered dousing the battery with the recommended 3,000 gallons of water, but that would've required stopping all traffic to run a hose across the freeway. Another option would've been to let the fire burn itself out -- but firefighters also decided against that.

"The environmental hazard that creates, as well as the traffic hazard, was not an option we wanted to explore," the chief said.

The fire department opted to call Tesla, whose engineers came out to test and dismantle as much of the battery as they could, while firefighters looked on.

"This is the first time that we've had to consult Tesla to have them respond to the scene," Chief Diaz said.
 

Jonathan Bloom @BloomTV

Mountain View’s fire chief holds up what’s left of a Tesla battery cell after Friday’s crash on 101. More than 7000 cells make up the battery, which can burn at over 900 degrees Fahrenheit if ignited. @Tesla says its cars are 5x less likely to catch fire in crashes than gas cars.

 · Mountain View Fire Station 1

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Tesla's actually no stranger to the Mountain View Fire Department. They've conducted trainings with firefighters, including some at their factory in Fremont, on how to handle Tesla batteries when they're damaged in an accident, and how to disconnect batteries from each Tesla model.

"That's one of the advantages of being in Silicon Valley -- that some of the best minds and engineers are just around the corner," Diaz said.

But Silicon Valley is also full of early adopters -- meaning electric cars are quickly becoming more common here.

"We know there's gonna be more and more coming in the future," Diaz said. "For the fire service, what it means is we're gonna have to be on the scene longer."

In this case, that included a fire engine company that escorted the Tesla to a tow yard, and then stood guard for hours.

"Even after 24 hours of extinguishment, these (lithium) ion batteries could reignite if they've been damaged, and again cause a fire," Diaz said.

Fire crews arrived to the scene of the accident around 9:30 a.m. Chief Diaz said the last engine company went back into service around 4:30 p.m. In a gasoline car fire, he said, all companies would've likely been back in service within minutes.

In response to past incidents, Tesla has said that gasoline-powered cars are five times more likely to catch fire in a crash than a Tesla. Chief Diaz has said he doesn't believe a Tesla is any less safe than a gas-powered car -- and, in fact, is probably less likely to roll over in a high speed crash due to its low center of gravity.

 

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Father of Tesla driver: 'Had she been in another vehicle she would have been alive' TESLA KILLED MY DAUGHTER!!!!

Indianapolis Star

Tesla itself was the target of a National Highway Transportation Safety Agency investigation after a series of battery fires in 2013 Model S vehicles.

 

Father of Tesla driver: 'Had she been in another vehicle she would have been alive'

Vic Ryckaert , vic.ryckaert@indystar.com

 

Casey Speckman's father, Jon Speckman, speaks exclusively to IndyStar n his only interview since his daughter and Kevin McCarthy died when a Tesla electric vehicle crashed on the north side Nov. 3. Vic Ryckaert/IndyStar

(Photo: Provided by Jon Speckman)

331 CONNECTTWEETLINKEDIN 89 COMMENTEMAILMORE

There is no doubt Casey Speckman was drunk when she crashed her boss's Tesla in a fiery, explosive wreck that killed him and herself.

But her father said he has no doubt that her odds of surviving the Downtown November accident would have been much better in any other car.

Had she been in another vehicle she would have been alive for me to yell at her for driving after drinking," Jon Speckman said in an exclusive interview with IndyStar.

Casey Speckman's blood-alcohol level tested at 0.21 percent, according to investigators and an Indianapolis Metropolitan Police Department accident report released Wednesday. The legal limit in Indiana at which a driver is presumed intoxicated is 0.08 percent.

Kevin McCarthy, the passenger and owner of the Tesla, had a blood-alcohol level that tested at 0.17 percent, investigators said.

Speckman, 27, and McCarthy, 44, were killed when McCarthy's 2015 Model S crashed shortly after 1 a.m. Nov. 3 into a tree and parking garage near Illinois and 16th streets and exploded.

Jon Speckman met with IndyStar on Friday at the Downtown office of his attorney. Speckman said he wants the public to know that there was more to the deadly crash than how many drinks his daughter consumed that night.

The biggest piece of new information: Casey Speckman swerved to avoid a wrong-way driver on Illinois Street right before she lost control.

Speckman's lawyer, Patrick Elward, provided IndyStar with video from the parking lot camera at a White Castle restaurant that shows the headlights of the wrong-way driver heading south and the Tesla traveling north on Illinois Street.

The Tesla crashed just beyond the camera's view.

Alfred Finnell Jr., 81, was driving behind the Tesla and saw the crash. The vehicle sped right by him.

"It passed me like a flash," Finnell told IndyStar in a telephone interview. "It hit that curb and plowed into that tree."

Finnell stopped his vehicle near the White Castle driveway. The Tesla had spun around the tree and into the garage. Smoke was coming from underneath, Finnell said.

"Before I could get out of my truck the car exploded," Finnell said. "The parts of the car, engine and everything went up in the air. It was the most horrifying thing that I had ever seen."

Finnell drove north to get away from the falling debris. He heard a loud sound and said he stopped in a parking lot about a half-block south of 18th Street.

"I thought something had hit my truck, but it had missed my truck," Finnell said. "It was sitting out in the street. It was the wheel and axle assembly of the car."

Firefighters said the debris field stretched about 150 yards.

The luxury electric sports car is powered by a 1,200-pound battery pack made up of several thousand small lithium batteries. The force of the crash broke apart the battery pack.

Exploding lithium batteries made headlines last year. The TSA last year banned the Samsung Galaxy Note 7 from airplanes after the phones started exploding. Balancing scooters known as hoverboards were recalled last summer after the batteries caught fire.

Tesla itself was the target of a National Highway Transportation Safety Agency investigation after a series of battery fires in 2013 Model S vehicles. Tesla strengthened the battery compartments, and NHTSA closed that probe in 2014.

The agency at the time said "a defect trend has not been identified" but added that "the closing of the investigation does not constitute a finding by NHTSA that a safety-related defect does not exist and the agency reserves the right to take further action if warranted by new circumstances."

Elon Musk, Tesla's CEO, defended the car's safety in a blog post on Oct. 4, 2013, not long after a Model S caught fire on a Washington State highway when the driver ran over a large metal object that punctured the battery. The driver managed to pull over and safely exit the car.

"Had a conventional gasoline car encountered the same object on the highway, the result could have been far worse," Musk wrote. "For consumers concerned about fire risk, there should be absolutely zero doubt that it is safer to power a car with a battery than a large tank of highly flammable liquid."

In Indianapolis, rescuers were on the scene of the November crash in a few minutes. Firefighters arrived to find the car burning and small lithium batteries popping and exploding around them.

Casey Speckman, investigators said, died of crash-related injuries with the fire as a contributing factor. The fire killed McCarthy, according to police.

An earlier statement by the Marion County coroner indicated that the cause of death for both victims was blunt-force injuries caused by the crash. The manner of death was an accident.

The Tesla Model S, which starts at $68,000, has a top speed of 155 mph. Some versions are equipped with an "insane mode" that accelerates from 0 to 60 mph in 3.1 seconds.

Jon Speckman doesn't claim to be an expert in crash reconstruction, but as a grieving father he questions the logic of allowing a vehicle this powerful on city streets.

"This is a vehicle that travels from 0 to 60 in 3.1 seconds. She's clearly having to swerve to miss a vehicle going the wrong way on a one-way street," Speckman said.

"If her foot should happen to hit the accelerator, it's like a rocket ship. I don't know why they have to make a car that does that."

A representative for Tesla Motors declined to comment for this story, saying the company stands by a previous statement emailed to IndyStar on Jan. 27.

We have been deeply saddened by this accident and have been working closely with authorities to facilitate their report," Tesla said in the statement. "While it can be difficult to determine the precise speed of a vehicle in such a crash, the observed damage and debris field indicate a very high speed collision.”

The owner of the Tesla, McCarthy, was the founder and CEO of the Indianapolis company that developed Case Pacer case management software for attorneys.

Casey Speckman worked for Case Pacer as a sales representative.

Her father said she worked hard to graduate from Indiana University with high marks in 2007. She put herself through Roger Williams University School of Law in Rhode Island and graduated in 2014.

While her father has hired an attorney, Speckman said he has not made a decision on whether to sue Tesla.

The investigation is not yet complete, police said. Detectives are still working to determine how fast the Tesla was traveling when it crashed. The investigation is tricky for the detectives who are unfamiliar with the new and unique electric vehicle.

"I have full confidence that the authorities will come to the correct conclusion of what exactly happened to this vehicle," Speckman said.

Call IndyStar reporter Vic Ryckaert at (317) 444-2701. Follow him on Twitter: @vicryc.

 

 

Elon Musk & The Terrible, Horrible, No Good, Very Bad Quarterly Call

(Double Facepalm by emey87. Source: DeviantArt)

(How about that — I didn’t realize the movie was based on a book!)

I get the sense that Elon Musk doesn’t know what a CEO is supposed to do, and that his dream job is be to be a bossless Chief Engineer, which may be the role he’s carved for himself at SpaceX. That’s not good for Tesla.

I get this sense because he wasn’t ready for the quarterly results call, even though that’s one of the most important days of the year for a public company CEO. That goes double if the company is losing oceans of money — Liam Denning’s calculation of Tesla’s losses this year over on Bloomberg is here.

Elon’s determination to being where the problem is, is admirable in the abstract, but it’s terrible in practice. If your CEO — who has recently fired 700 people, no less — shows up one day to help you solve your problem and then comes up with a bad idea, is anyone going to point that out? Good managers and leaders allow the true experts — the people on the ground, struggling with the problem — to solve those problems, because they know the experts know more than them.

Even if a general used to be a sharpshooter, when they become generals, they don’t go in the field in the middle of a crisis to do a better job than their snipers. They worry about bigger issues, like strategy and logistics. Musk’s scorched-earth approach to criticism has begun to backfire (the epilogue to this article I wrote a little while back is proving prescient) and Tesla’s logistics might be its weakest link. We’ve learned that Tesla is setting up two warehouses near its Fremont factory to store inventory. That might sound like a good thing, but it shows bad planning: Toyota and GM didn’t need additional warehouses when they were making 400,000 vehicles per year (see the second graphic). Tesla needing warehouses at lower production levels is “muda” — waste. It’s wasting money buying parts before it needs them, wasting money leasing warehouse space, wasting money having engineers design a robot system to pick inventory they shouldn’t have bought yet, and wasting money getting the stuff transported back and forth.

Blaming a supplier — publicly! Again!! — is another problem, because Tesla will eventually run out of companies willing to work with it. Elon did eventually say on the call that Tesla and he were ultimately responsible, but this is definitely not an arena where you’d rather ask for forgiveness than ask for permission.

There are a couple litmus tests you can run on a company’s announcements. One is whether it gives customers/industry observers more confidence, or less confidence, in the company. Another is whether it makes competitors more afraid, or less afraid. By both measures, this was a very bad call.

From my worm’s-eye view, it doesn’t look like Tesla has learned anything from the production hell they went through for the Model X — that’s really bad. And if their competitors were worried about Tesla before (and they should have been, given how game-changing a successful Model 3 rollout would be), they might not be now. The legacy OEMs’ disciplined-if-dull execution could beat Tesla’s inspired-but-slapdash brilliance seven days a week, twelve months a year.

Consider that Nissan can already make 500,000 LEAFs per year if there’s demand (they have facilities in Japan, the US, and the UK) and that all Model 3 buyers will face a months-long delay, with many probably facing a year or more. The LEAF 2.0 will win “conquest” sales, the Bolt EV has no doubt won some already, and their salespeople’s ultimate weapon will be to play sections of the conference call, which shows Tesla to be late and disorganized — exactly what you don’t want from the company whose $35,000+ vehicle you’re about to purchase.

We can hope that Tesla’s Q4 — and Q4 conference call — go better, because human ingenuity may be infinite, but Tesla’s competitive advantages are finite, reservation holder patience is even more finite, and investor confidence can be downright fickle. Profitable companies have the luxury of thumbing their nose at Wall Street, but if you rely on it for funding through stock or bond offerings like Tesla does, you’re at their mercy. To disrupt the auto and energy industries, Tesla really, really needs to avoid disrupting its own chances at success. We’ll see in three months’ time how much progress they’ve made.

 

 

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Author: nhji8jHT44Fooophn

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