Tesla, Anton, United States discussed on News, Traffic and Weather
On the roads. We'll track it for you. I'm meteorologist Tony couple weather center. Komo news time to set it on cruise control. This is our auto expert. Here's Nick miles. Joining us on the phone is our crazy man financial scientists and Tom. Here to discuss things business is still the studio Miriam's you are is here. And as well as Meghan and Jalen somewhere Ryan and the rest of the team of floating around gathering all the latest news stories, so Anton what's been going on new year. New horizons. Did tesla managed to get their financing to stay alive this year, not yet? So the big news in this upcoming week is that tesla is scheduled report. It's quarterly meeting the quarter that ended December thirty first financial results this Wednesday afternoon, and they had a piece of news nine days ago on Friday nine days ago in which they basically said that they were going to toast, a smaller profit and they had done last quarter. And that the outlook for the first quarter, meaning the quarter that is now twenty seven days old was very uncertain. So basically the stock took a bit of a dive on that. But with further details to come here. Just in barely about seventy years from now do they have to make a financing by the end of this month to to keep their debt clinician. Is that correct? Well, there's no firm rule. So here's a couple of things going on. So they have a bond payment of nine hundred twenty million dollars. That is doing the March that is a very specific bowl. Eat at a lot of people are focused on because it's kind of a big headline number. They should have enough money to make that payment. They ended the previously reported quarter with about three billion dollars in cash nominally on paper. However, the company also has negative working capital is working capital being accounts payable being larger than the receivables. So it's not for sure where they stand. And of course, when they announced here a couple of weeks ago that they were going to lay off seven percent of their full. Time employees and an unknown number of their more temporary contractors that is probably not a sign that things are really really good here in the short term. But again, we we will hear more from the day and one of the possibilities that they're going to get ready to raise new fresh capital, which is what many people thought that they should've done here at any point over the last eighteen months, but they really have they, but they're still selling cars. Right. So ultimately, I know. So what's happening on the car from their couple of things ships passing in the night here. US federal tax credit got cut in half for tesla. As of the first of January, and clearly there were a lot of people that have chosen to take delivery, tesla before that in order to capture at quote on unquote, three thirty seven hundred fifty three thousand seven hundred and fifty dollars that you get by doing it that way the other thing that's going on is that they have now discontinued sales of their cheapest marple as model the f seventy five d for on lily unexplained reasons day, basically you'd have to put in your order by this week. And then it's all done after that the first thing that's going on is that the first and bows with the model. Three cars have now left the port of San Francisco and are on route as we speak to both Europe and to China. So those deliberate. These are set to start within the next thirty or so days. So as the demand goes down this quarter in the US because of the. Partial abandonment of the federal tax credit for protest lie. They should be able to feel at least part of that whole by telling in the initial quantities of units of the model three for which there is an obvious backlog into both Europe as well as to try. And now they they have reduced the price of the car. So hopefully that they will still have some stimulation for America by right? But what happened was that, right? At the beginning of January two said look will lower the price of the model. Three, right. Anton, take a quick break here. We're going to go for some commercials where we come back. I want to talk about the massive explosion of electric cars. I just derided that brand new Mercedes SUV electric in Las Vegas at sea. Yes. Took.