Thread by @ChrisBloomstran

Bravo Tesla on "improved" disclosure. When screwing the customer, let 'em know it up front. Gas is at prices last seen in '14, so good thing for a Tesla's gas savings - except you already paid for it. What? Let’s build a car. How about a practical Model 3. Base price $35,690. 1/

Recently, the customer was informed that gas savings would be $4,300 (more on other models) on the first page of the build, with the final price a surprise at the end. The upfront language is now altered, some would say transparent, some may say obfuscating. You be the judge. 2/

Let’s keep it simple and avoid upcharges by sticking with standard options - Pearl White paint, 18” wheels and All-Black interior. Let’s skip the $10,000 Full Self-Driving as well for now, since we’re now told "regulatory approval may take longer, in some jurisdictions." Sure. 3/

Now let’s order this bad boy. Wait, what? My $35,690 initial price is higher and INCLUDES the gas savings? Tesla is charging upfront for the gas savings having told the customer at the outset that the base price was lower. Tesla gets the benefit? Who would spin it this way? 4/

Grant Williams @ttmygh and I discussed this on his podcast a few weeks ago. Since then, the language changed to what you are seeing here. It's clear the optics were really bad. Now they are just bad. It was surprising (maybe) seeing the recent change. 5/
grant-williams.com/podcast/the-gr…

Note the tab at the bottom with the difference between “purchase price” & “after potential savings.” The difference represents gasoline savings and can be seen only by clicking on “Show Details.” This appears to be a new disclosure. You'll save, but we're charging you for it! 6/

Elon killed the pay w Bitcoin "feature", thus the customer forfeits the "opportunity" to be refunded in #Bitcoin or legal tender, AT TESLA'S CHOICE. The old tails the customer loses heads Tesla wins trick. Optics here were poor so likely little to do with the impact of mining. 7/

But who wouldn’t want to gloat to their envious friends about having paid with crypto. C'est la vie. Of course with @elonmusk now squarely at war with the Bitcoiners, he's likely sold the rest of the position. The profit on sale will come in handy when reporting 2Q earnings. 8/

Despite Tesla keeping your gasoline savings and adding it to the purchase price, it will all be worth it when you get your new Tesla home. Plug it in and you’ll be ready to go in, oh, about a week. You see, your new car comes standard with a 110-volt charging adapter. 9/

Want a faster charge than 2-4 miles of range per hour of charge? You’ll need a wall connector & a 240V outlet, which will likely require an electrician. Cost? Not free. You weren't told that when ordering? No garage or nearby outlets at your condo? Not sure what to tell you. 10/

Find a really long extension cord or a public charging station & shop for an hour each time you need a charge. That's economic stimulus for you. Driving cross country? Enjoy the leisurely trip & long stops aplenty. Trust me, I won't be yielding my 25-gallon tank anytime soon. 11/

Now to insure your Tesla. Is the cost of insurance higher or lower than on comparable vehicles at like price points? Given that severities and frequencies are way higher, prices are too. But Elon is solving this. I received the following last night from @fly4dat. Thanks, Fly. 12/

While its fascinating to correspond with insects here on Twitter, smart insects at that, so too was Elon's reply to a sticker-shocked customer. This was 2019, with a fix only months away. The more one observes Tesla, the more one observes being always at a moving goal line. 13/

By way of disclosure, I have a very small short position in $TSLA. This note is not investment advice. Do your own research. Stocks are volatile and shorting is extremely dangerous. With shorting, upside is capped and downside is unlimited. $TSLA rose 8x in '20. 14/

As seen recently with meme stocks, shorting can bankrupt the speculator. A 10x move on a 1% position becomes 10%. Another 10x and its 100%. You are wiped out well prior. There are costs to shorting & you are fighting the retention of earnings (when they exist) and inflation. 15/

The case against Tesla centers on valuation, but the degree to which Tesla treats constituents is remarkable. Shareholders, customers, employees, regulators are all abused, the polar opposite of how companies like Costco behave...Meanwhile, build a car and enjoy the savings.