TSLA being investigated for cooking their books in Canada to snag EV rebates without selling cars. They claimed that just 4 dealerships sold 8,600+ cars in 3 days.
The article notes that four Tesla dealerships claimed to have sold 8,653 Teslas in 3 days. Assuming each dealership opens from 9AM-5PM, that's 90 cars sold per hour per dealership. Worth noting that Canada's EV rebate program was set to shut down, interesting how Tesla found 8,600 sales in 3 days before it did...
Ironic that Musk, who has recently repeatly said that people who rely on government payments are leeches and that Canada is not a real country, is now accused of trying to leech off of Canadian taxpayer-funded EV rebates himself to the tune of $43M.
Investigation is ongoing and there has been no confirmation yet of official wrongdoing yet. Regardless of the findings, the case for exiting a TSLA position can be made because
- If the allegations are true, this is fraud and a Lucky Coffee chain scenario
- If the allegations are false, =many are saying it's because Tesla reports late. Internal reporting and accounting practices seem to be in disarray for a once $1t+ company.