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Tesla Annoucement 5/3/13

Elon Musk ‏@elonmusk
Time to up the ante (and fix some mistakes). Tesla announcement tomorrow.

Well, while I do love the MS, I wonder which mistakes?
I do like the "up the ante"

@Mark K. - Thanks for offering a well articulated vision behind this idea! I hope Elon is reading... :)

I'd like to add that bundling the internet with the maintenance would really keep the basic upkeep of the car simplified which is what Elon has envisioned.

In reality there will always be internet for all cars anyway since that's how sw updates/diagnostics are handled...why not just enable it so people can enjoy the car more?

Another thread full of wish lists for Santa Elon!

I am enjoying myself.

If you up the ante, you increase the importance or value of something, especially where there's an element of risk as the term comes from gambling, where it means to increase the stake (the amount of money bet).

I think that Elon Musk is going to put more money where his mouth is. So it will have to do with the 2nd announcement. And this will result in an even better deal for the customers of Tesla Motors. Elon Musk is going to push more risk away from the customer and he is going to pull more risk towards Tesla Motors and/or himself.

A Tesla Motor Club member (vgrinshpun):

"Upping the ante" could be EM putting more of his money on the table, possibly in the form of exercising the TSLA stock options granted to him back in 2009. The last of the four milestones was conditioned on the completion of the 10,000th Model S. The exercise price was $6.63, and a total quantity of shares was 6,711,972. So there is a potential of additional $44.5M (or at least 1/4 of that) to be invested by EM in Tesla. Incidentally, these options expire in 2013.

The description of this grant was included on p.75 of 2012 10-K:

http://yahoo.brand.edgar-online.com/...2PKFFiYveR6Sg7

This just might be the case as well.

Another small hiccup was the tire/wheel service plan - which I purchased, and after they suspended it - requested a refund.

My guess, having just got the car back from service with new front and rear floor mats (and being told that these are being rolled out as cars come in for service), is that he referring to the crappy front mats and the omission of a rear floor mat and the fact that they are being replaced with better mats and that a rear mat is included.

Just my 2 cents

@BYT, Ditto!! Perfectly Stated.

Announcement will be positive - Elon and team are continuing to ramp up excitement with pre-announce tweets; why dilute it with negative news? Tesla = world's best marketing + awesome cars + awesome service + awesome financing.

SIAP - what time today is the announcement?

Velo1 - bump

10:30 pacific

if anyone wants to listen in, here is the info:

What: Tesla Motors, Inc. Announcement
When: Friday, May 3, 2013
Time: 10:30 AM Pacific Time / 1:30 PM Eastern Time
Press Release will be available at: www.teslamotors.com/press
Webcast: ir.teslamotors.com (live and replay)
Live Call: (877) 312-5519 / (760) 666-3771 (International)

One last thought I haven't seen here. "Upping the ante" could mean Elon will guaranty buyback at 43% (or whatever the number was/is) to all owners - whether you financed with the two preferred banks, bought all cash, etc. - that would be the fair/appropriate thing to do. You shouldn't have to finance to get this "insurance" policy. The fix is probably tweaking the finance program.

We'll know for certain soon.

Information details are already available on the press page.

PALO ALTO, Calif.-- Tesla Motors announced today that it is raising the Model S resale value guarantee to be the highest of any premium sedan brand made in volume (excludes rare, low volume or limited edition vehicles). Buying a Model S through the Tesla financing offering now comes with a guarantee that the resale value will be higher than that of BMW, Audi, Mercedes, Lexus or Jaguar.

To protect people that have already purchased a Model S via this program, the guarantee will extend retroactively to anyone that made use of Tesla financing, created in partnership with US Bank and Wells Fargo, from when it was first announced on April 2, 2013. As with the prior resale guarantee, this higher number is also backed personally by Tesla CEO Elon Musk to give owners complete peace of mind about the long term value of the product.

“We appreciate the feedback from a number of journalists and customers that the first version of our financing product wasn’t quite right,” said Tesla Co-founder & CEO Elon Musk. “They were right, so we are fixing it and, moreover, upping the ante by providing the best resale value guarantee in the automotive industry. The Model S is rated by Motor Trend, Automobile Magazine and many others as the best car of 2013, so it should naturally therefore have the highest resale value.”

In addition, our financing partners have agreed to provide longer term loans that reduce the monthly payment considerably. Those who buy the Model S electric car for personal use will now pay a monthly rate of $580 taking only gasoline savings into account. When purchased via a business, assuming 70% of miles are for business use, the depreciation benefit further reduces the effective monthly cost of owning a Model S down to $315.

For those in careers that have a significant cost of time, such as doctors, lawyers, consultants and executives, the Tesla financial calculator makes it easy to factor in the value of time saved by being able to use the carpool lane or avoid trips to the gas station. However, this is now selected off by default and the above numbers do not include any consideration of time saved.

I hope there is more…. or we are going to get the "crying wolf” effect for calling a press conference for less than major announcements.

I think that's about it. Meh. Good for the company, useless for me.

I think this is the "mistake" that is being corrected. In addition, the "$500" is gone, replaced by "$580 with $315 gas savings per month, for business use".

I think this is pretty big, actually. Elon Musk is personally guaranteeing a residual value (percentage I'd imagine) that is higher than those luxury brands on cars that are purchased. Is there any other company that guarantees any future value on a purchased car? This of course is to compensate for the absence of lease offers, but still, I feel it represents well Tesla's commitment to supporting owners now and in the future. Not groundbreaking, but certainly good news.

It's great if you live in one of the states where their financing is offered. Otherwise, you're a "second class" owner, like those of us in DC, MD and VA. Not what I'd hoped.

"Not groundbreaking, but certainly good news” my point exactly! This should have been just a press release not a live conf call unless we have “and one more thing….we are putting in 200 Super Chargers by the end of the year!"

My mistake. 580 for people, 315 for business. I guess I could get a job at CNN.

Don't know whether this document (http://www.teslamotors.com/sites/default/files/pdfs/tesla-resale-value-g...) has been updated or it is still the original. It says

"This [Guaranteed Resale Value] will be 50% for the base 60 kWhr car and 43% for all options including the upgrade to 85 kWhr battery pack (exclusive of taxes, fees and accessories) of your vehicle"

And it only applies at 3 years (36-39months) - at no other times and with no other values.

Great correction... Version 1.1 rather...

This is exactly what needed to be done. Definitely will get a broader market. People are constantly going into the tesla stores every day, now they can get a better grip on how they will be able to afford one.

Everyone I talk to (average middle class driving about 120 miles/week), wishes they could afford one, but don't see how it's possible financially. They only see the sticker price. They also only see a short range car with no way to travel long distances. These barriers are eased a little more now with this correction and the warranty announcement.

The topper will be the supercharger announcement (and hopefully the unveiling of the the production MX!).

Can't wait!

@nickjhowe
The guarantee contract has indeed changed from yesterday
http://www.teslamotors.com/sites/default/files/pdfs/tesla-resale-value-g...

It no longer references Mercedes, like the original contract did in a meaningless way..
The whole references to Mercedes, Audi, Jaguar, etc. in the conference call makes everyone think that in 3 years there will be some sort of calculation from the "leasing resale guide" (sorry can't remember the name of the guide). But really this is just a contract at the time of delivery where they promise to buy it back for a minimum of 50% of MS60 + 43% of all options (including 43% of the $10k upgrade cost for the MS85). So basically the promise increased by 7% of the price of a base MS60.
During the call Elon was asked if Tesla would pay more, for example if the car after 36 months had very low miles, and I heard him say (to paraphrase) "Yes, if the it's worth more, the new guarantee is just a minimum", but of course that's not what the contract says.

We now know the ante = $4,974.90

Wonder how car services will lie this? Will they be more interested buying MS now?

Wit respect to valuation of MS after three years, did anyone consider the impact of the $7500 rebate? Basically the MS should be valued $7500 less in the used car market, but the rate here I assume is based on the MVPA invoice (pre-rebate, that is). So this would mean people who opt for financing will possibly get an even better value after three years than if they were to sell it themselves?

My assumption is that a person buying a MS with 0 miles on it would be indifferent between buying it new and able to claim $7500 rebate; or buy it "used" from an owner at quoted new price less $7500. (not factoring in the ~11% a car typically loses in value just by driving off the dealer lot...)

Elon guarantees that you will get new price less 50% for your MS after three years. But the cars that we are comparing to do not have EV rebates (BMW, Merc., Jag). So you are not comparing apples-to-apples. This would be in the buyers favor....

The rebate is irrelevant to the valuation of the car, new or used.

In what way is Elon personally guaranteeing this resale value? Looking at the agreement, his name never appears, and in fact it says, "Tesla Motors, Inc. and any of its successors hereto, may assign or transfer this Guarantee, or any portion thereof, to any third-party without your prior consent or approval."


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