Elon Selfishly Takes First Solar Roof For Himself!

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– 10% to a roadster
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// Tesla Bonds to Fund Model 3 (

“Tesla intends to use the net proceeds from this offering to further strengthen its balance sheet during this period of rapid scaling with the launch of Model 3, and for general corporate purposes,” the company said in a prepared statement.

– Like this as it means the 3 production may speed up
– This could be good for those of us with early delivery dates, bad for US folks w/ later dates due to tax credit

// People are Cancelling Model 3 Orders (Media BS)
– BI did a hit piece here (link)
– I did a response here (link)
– Let’s look at the data
– Part of the Media Hype Cycle

// SHORT – Elon Building Hyperloops (
– Too Busy
– Should let others compete

From Bloomberg:

A person close to Musk said his plan is to build the entire thing, including the hyperloop system. Musk also holds a trademark for “Hyperloop” through SpaceX, which could be used to prevent other companies from using the term, according to U.S. public records.

The billionaire’s unexpected entry into the hyperloop business could threaten the ambitions of three startups, which have raised about $200 million combined from venture backers. “There’s probably a finite amount of capital willing to bet on this space—and bet against him,” said Jonathan Silver, the former loan programs director at the U.S. Department of Energy. Silver learned not to underestimate Musk after overseeing a 2010 loan of $465 million to Tesla, which the electric carmaker paid back, with interest, nine years ahead of schedule.

// LONG – First Solar Roofs Installed! (
– Love this is coming along
– They look great
– Elon and JB have them
– Don’t know if the economics make sense yet, will see once more details are out

From Bloomberg:
“Tesla has completed its first solar roof installations, the company reported Wednesday as part of a second-quarter earnings report. Just like the first Model 3 customers, who took their keys last week, the first solar roof customers are Tesla employees. By selling to them first, Tesla says it hopes to work out any kinks in the sales and installation process before taking it to a wider public audience.

“I have them on my house, JB has them on his house,” Musk said, referring to Tesla’s Chief Technology Officer J.B. Straubel. “This is version one. I think this roof is going to look really knock-out as we just keep iterating.”

// Moody’s issues new ratings on Tesla (

Moody’s assigns a B2 corporate family rating to Tesla (TSLA +0.1%) and issues a Stable outlook following the company’s issuance of new notes that sit in a junior position to the $1.9B secured credit facility. The ratings agency also sets a speculative grade liquidity rating of SGL-3.

Moody’s on Tesla: “As a result of the rapid ramp up in Model 3 production and the significant increase in capital expenditures required under the production plan, we expect that Tesla will remain free cash flow negative into 2019. Given this negative free cash flow outlook, the uncertainties associated with the launch of the Model 3, and the potential cash requirements necessary to cover the maturities of its convertible debt, Tesla will face large cash requirements through 2018. The liquidity resources available to the company provide moderately adequate coverage of these cash requirements. This is reflected in the SGL-3 liquidity rating. Tesla’s principal liquidity sources include the company’s $3 billion in cash, proceeds from the proposed note offering, and $900 million available under its $1.9 billion secured revolver. Without the proceeds from the note offering, Tesla’s liquidity position would be stressed.”

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