So they get to keep the money on their books and use it to inflate numbers and invest and then cancel the product and give it back without any compensation? This seems incredibly fraudulent.
They gave up on the design aspect and build quality as well
I’d like to feel bad for Wankpanzer owners but I can’t.
Who could have predicted this?!
So they get to keep the money on their books and use it to inflate numbers and invest and then cancel the product and give it back without any compensation? This seems incredibly fraudulent.
<sigh> Nazi man is definitely bad but they’ve done nothing wrong here, let along fraud. They’re compliant with GAAP standards and given is it booked as a liability it’s not inflating anything that you want inflated
https://accountinginsights.org/accounting-for-security-deposits-best-practices-and-impacts/
They took deposits in advance for something they could show they reasonably intended to build, they booked revenue against that in a transparent way.
Yes FSD has a certain amount of smoke & mirrors but there is plenty of footage visible on youtube showing cars self driving to defend against any charge that it wasn’t being worked on.
Failure to deliver a promised outcome isn’t fraud (and they would argue that they haven’t YET failed I’m sure), and very few deposits pay interest - only those with a regulatory intervention tend to (ie housing tenancy)
Selling a product based on promised specs, which your product doesn’t meet, and then listing the resources it would take to fix that product as a liability, which offsets the profits you made from said fraudulent product, only to then NOT pursue that development…is, in fact, fraud.
listing the resources it would take to fix that product as a liability, which offsets the profits you made from said fraudulent product, only to then NOT pursue that development…is, in fact, fraud.
Well. If that happened, it might be, but that’s not what happened, is it ?
I take it you’re not familiar with GAAP standards ? You also don’t seem to have a handle on the chronology of the nazi-truck, or of FSD.
First chronology.
Pre-order $100 deposits were taken for the CyberAztek in 2019 - claims made at that time were lawyered with this is what we think it will be clauses
2023 - revised specs and prices and $1000 deposit - they had the right to get your $100 back at this point if you wanted.
2024 - confirmation of delivery price date and specs - again you could get the $1000 back if you didn’t like the new parameters.
IOW EVERYONE who bought a ClusterTruck knew, and agreed to, what they were getting specs-wise. The only thing you can poke about is FSD and the range extender battery. The battery payment has been refunded.
So FSD
Since about I dunno 2016 (I haven’t checked, I can if it’s important to you), all Teslas had an option of “FSD” the price paid clearly stated in the terms it was work in progress, and tesla only booked revenue against that liability (the deposit) when they delivered functionality (GAAP principles).
Again, accounting standards. The deposit for FSD is held in trust account, and is a ** Liability ** for the company (they owe that money to someone until they do the work that earns them the money). They can’t, and didn’t (it has been audited every for years) access that money until they delivered functionality.
Now I have no idea where you get
listing the resources it would take to fix that product as a liability
But it very definitely wasn’t out of the financial statements lodged with the SEC.
The guy is an utter fascist barbarian, but if you could stick to yelling about the stuff he actually does wrong that would be great, it’s what differentiates us from the MAGAt mouth breathers
