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Tag: Tesla vehicle

  • Tesla Threatens Customer With $50,000 Fine If He Tries To Sell His Cybertruck That Doesn’t Fit In His New Parking Spot

    Tesla Threatens Customer With $50,000 Fine If He Tries To Sell His Cybertruck That Doesn’t Fit In His New Parking Spot

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    Image: TaurusEmerad/ WIki Commons (Fair Use)

    The Tesla Cybertruck is unlike most trucks that have come before it, and thus it has attracted a new set of buyers who wouldn’t normally drive a big pickup. Owning and driving a truck that’s over 18 feet long, nearly 8 feet wide, and built like a Frigidaire isn’t for the faint of heart, as one Salt Lake City man recently found out when he tried to negotiate a way to get rid of his Cybertruck.

    Blaine Raddon reserved a Cybertruck after watching the vehicle’s launch online, but since he ordered the truck his living situation changed. He and his wife separated and he moved from a home with a garage into an apartment complex with tight parking slots. Once he picked up his new truck and realized it wouldn’t fit comfortably into his parking spot, he reached out to the dealer that delivered his truck to see if he could return it. The manager told Raddon that his situation wouldn’t likely warrant an unforeseen circumstance that would trigger Tesla’s re-purchase of the truck, and reminded him that he signed a Tesla Vehicle Order Agreement which states if a Cybertruck owner sells the EV during the first year, they can be fined $50,000 and be banned from buying future Teslas. According to Business Insider:

    ”Making me keep a truck that does not fit my circumstances appears to be unfair and not at all the spirit of the no sale language in the contract,” he added in the note.

    Raddon told BI that he’s a rule-follower and he doesn’t plan to go against Tesla’s verdict on the matter or hire a lawyer to dispute the decision. He also said his building is okay with him keeping the vehicle there, but they won’t be held liable if the truck gets damaged by another car while protruding from the parking spot.

    Tesla did not respond a request for comment.

    A week after sending his longer note to Tesla in an attempt to appeal the decision, Raddon said he’s still waiting for a response

    There are a few things about this situation that boggle my mind. Raddon separated from his wife and had to move into an apartment building that doesn’t have the space to comfortably house his new truck, and Tesla’s response was a reminder that if he tries to sell it he could be sued for $50,000 and be barred from ever purchasing another Tesla again. How can anyone justify this treatment? How can people continue to make excuses for such an objectively flawed and compromised vehicle? It’s looking like Stockholm syndrome to me.

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  • Why Tesla Stock Just Popped 5%

    Why Tesla Stock Just Popped 5%

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    Shares of World No. 2 electric vehicle (EV) stock Tesla (NASDAQ: TSLA) jumped 5.2% through 10 a.m. ET Tuesday, despite Bernstein cutting the stock’s price target to $120 per share. Bernstein cited soft demand for Tesla’s EVs as its reason for lowering the price target, reducing predicted Tesla car sales, and maintaining its sell rating.

    So why is Tesla up despite this news?

    Buon giorno, Tesla!

    Because Italy.

    As Il Sole 24 reports, the electric car maker is negotiating with the Italian government to secure an Italian production site — not for producing electric cars. Tesla wants Italy as home base in Europe for building electric trucks and vans. From Italy’s perspective, this would bring a second automotive manufacturer to the country, joining Stellantis, which currently dominates. (Three Chinese companies are also negotiating.)

    But why would Tesla — which already has a car plan in Germany — want to build a new plant? Details aren’t 100% clear, but if Tesla plans to introduce its electric Semi (the Tesla vehicle pictured in Il Sole‘s story) to Europe, well, those might be more expensive to ship overseas from the U.S. for sale in Europe. Setting up a local shop might make sense.

    Also curious is the newspaper’s mention of a Tesla “van.” While Tesla has hinted at this possibility, it hasn’t announced a product yet. This could be a first for Tesla, and expand the company’s market of customers.

    Is Tesla stock a buy?

    It’s too early to say this Italian news is a new reason to buy Tesla stock. What it does do is inject uncertainty into Wall Street analyst predictions such as Bernstein’s — that Tesla stock is doomed to lose one-third of its value this year. It reminds us that CEO Elon Musk can still surprise both investors and competitors.

    With Tesla stock trading at prices last seen in May 2023, and a P/E ratio looking almost “normal” (for any other company) at just 40x earnings, it might be time to take another look at Tesla.

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    Rich Smith has positions in Stellantis. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends Stellantis. The Motley Fool has a disclosure policy.

    Why Tesla Stock Just Popped 5% was originally published by The Motley Fool

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