Tesla adds Ellison and HR exec to board to appease SEC

Tesla names Larry Ellison to board

As a pioneer in the electric vehicle space, Musk claims his company is at a disadvantage as global automakers including Volkswagen, Audi and Jaguar release their first fully-electric models, giving Tesla some serious competition for the first time in its brief history.

Buyers who lease a Tesla rather than buy it outright don't qualify for the tax credit themselves.

Dozens of Tesla Model 3 sedans are reportedly being held in this Union Pacific freight depot in Salt Lake City.

The company had earlier pledged that customers who had placed orders by October 15 would not only receive their cars by year-end but full tax credits, too. Tesla CEO Elon Musk has pushed to deliver cars before year end.

The SEC moved to punish Tesla and Mr Musk because it alleged he committed fraud by tweeting that he had the "funding secured" to take the company private at $420 a share. Later, Musk rowed back to Tesla to stay in the stock market. It is getting ready to offer a $35,000 version of the Model 3 in 2019, its lowest-cost model targeting budget-conscious buyers. However, it's not just Tesla devotees that he's been pitching on the purchase of a new vehicle.

One issue facing Tesla is that some customers who ordered their cars months ago have still not been told when their cars will be delivered. The expiring tax credit will make the Model 3 at least $3,750 more expensive.

In November, Tesla joined forces with General Motors and Nissan in an effort to persuade Congress to extend the EV tax credit.

Nothing wrong for being a shill for your company and its products on social media, but it's becoming more clear as to why he was so motivated to try to drum of up sales for a company that supposedly has a lengthy waiting list for new Model 3 sedans. Post 200,000, the tax credit begins to decrease.

Some of the inventoried vehicles may be sold today, but sources speaking to Electrek indicated that it would likely not be possible for the auto maker to draw down its entire inventory in one day.

On Sunday, auto blog Electrek reported that there were more than 3,300 Model 3 vehicles sitting in Tesla's United States inventory, according to an unnamed source familiar with the matter.

Officials said earlier in the month that they were "doing everything" possible to make sure those who ordered a vehicle as late as December 20 could take delivery by December 31.



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