Tesla since 2008 78% of operating cash flow from the customer deposit

On March 17, the Value Investor Club website published an article for 46 pages about tesla's research. The study again doubt tesla's ponzi scheme attributes, because 78% of the company's operating cash deposit from consumers, and alert the share price risk.

the studies suggest that given the musk shares of more than $1 billion of mortgage, he can handle the tesla shares, if the tesla fell to $210, he is likely to be margin, and want to & other; Bargain & throughout; Investors will face a risk of exponential explosion, they are more likely to stay away from tesla.

　　“ Although most is profit, the lowest efficiency, lowest accident, deliver the worst car maker, tesla still than rival still has considerable premium. We believe that the high valuations is tesla shareholders to CEO Elon Musk as a by-product of worship the father. ” Tesla, according to the study on the current share price rise space & other; Extremely limited & throughout; 。

tesla's liquidity is always the key point of the short attack. VIC website the research thought, in its history, the company has been released by way of financing business activities, new products is roadster sports car at the beginning, then the Model S, Model, X Model 3, electric trucks, Semi roadster 2, now is the Model (Y Official release) on March 15, And fully automatic functions.

money is about to run out, the company announced a new product, with a deposit to finish before the production of a product. Since 2008, tesla 78% of operating cash flows are the deposit from the customer!

in Ashlee Vance Musk crosses, tesla founder Elon Musk's brother currently Musk has mentioned the tesla this financing mode of legal risk: & other; I'm sure Elon can find a way to a let things run normally, but he certainly bear the risk, because may use other people's money and put himself in jail. ”

this kind of similar ponzi scheme model, the key lies in whether sustainable. If the order demand is shrinking, the next victim will be tesla's shareholders? VIC website research thinks, on March 1 due to pay the 9. After $200 million of convertible bonds, tesla's cash position even more dangerous. “ In theory, tesla may adopt the method of similar to private financing, but we believe musk is not willing to walk this path. ”

the study further measure, according to assume that the company sold 1. 70000 units of the Model S/Model X, 4. 20000 Model 3, accounts payable turnover days may be extended from the fourth quarter of 87 days to 105 days, for the Model Y/Semi/Roadster 2 raised $50 million. Assume that capital spending in 2019 for $3 billion ( The $500 million loan from China) , tesla's cash balance at the end of the first quarter is expected to be a little more than $1. 6 billion.

　　“ Take out $600 million in China, at the end of the first quarter is expected to tesla cash balances in the United States only about $1 billion of assets, and the deposit scale more than $800 million. In order to avoid bankruptcy reorganization, tesla could be mass raise deposit again in the second quarter. ” VIC study on the site.