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Well-known short-seller Jim Chanos blasted Tesla CEO Elon Musk at an event hosted by Charles Gasparino of Fox Business Network. Chanos had a long quarrel with Musk and in this recent explosion he criticized the style and attitude of Musk's management.
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Musk "relearn hard lessons [automakers] in Detroit learned 100 years ago, "he said. "It's one thing to make cars, but Detroit has learned harshly that they do not want to be at the center of the network of direct selling cars to consumers," said Chanos.
Tesla does not learn anything from history
Selling cars directly to consumers – sometimes even from the actual factory, is at the heart of Tesla's brand and business model. Chanos gave advice to Musk, telling him that he should stop trying to sell cars to consumers and focus instead on production problems.
Musk's focus is now spread across the company, from development to sales and marketing. "Tesla's idea was to demolish all this and start from scratch … but sales and services are very difficult to recover," said Chanos. He also criticized the teal vehicle itself. While admitting that the Tesla range was "bady," he also suggested that it was poorly made and was becoming difficult to insure.
Teslas becomes difficult to ensure
During a Q1 call, Musk promised investors that he would unveil a Tesla insurance product a month or so ago. But this time has elapsed without any mention of the product.
When this was mentioned to Chanos, he dismissed the viability of the insurance service saying, "You must be making fun of me." Rates are rising, Chanos said.Tesla must try to solve the problem. It will not happen and if it happens, it will not be what people think. "
Musk can not leave
Despite severe criticism of Musk, Chanos does not believe Musk should stop. I do not think he can do it, "said the investor about the possibility of Musk giving up his place. "He's the brand … everything is about Elon Musk," said Chanos. "I think a lot of people buy the car because it's the mark."
The luxury Tesla are incredibly popular on the American coast, but have struggled to find a decent market elsewhere. The drop in demand is reflected in Tesla's share price, which dropped to a new low in 52 weeks below $ 200 last week. Although it has risen more than 6% Thursday, after a report suggested that the automaker has managed to deliver more than 30,000 cars this quarter.
There is no lost love between Chanos and Musk. Musk has always been very public about short sellers and Chanos does not hesitate to take it to Musk on every occasion. Musk has heard of the Chaos investment method that spilled over last year when Musk tweeted to become public. The tweet eventually cost Musk a lot of money, but it might have been worthwhile to get involved in the short sales still present, even if only briefly.
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