{
  "docId": "019dd923-622c-750b-8b97-cc3ea38033d2",
  "docSlug": "de846e7e7437",
  "documentTitle": "Tesla, Inc. (TSLA)",
  "authorId": "52_Citron_Research",
  "authorName": "Citron Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-10-23 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 7,
  "pageCount": 9,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "This is a research note from Citron Research, historically known for short-selling, pivoting to a bullish stance on Tesla.",
  "elementsJson": [
    "paragraph",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-cc3ea38033d2/7",
  "deckHref": "/decks/019dd923-622c-750b-8b97-cc3ea38033d2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-cc3ea38033d2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-cc3ea38033d2#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "There is NO Tesla killer. Competition is nowhere to be found and no electric vehicle is slated to launch at the Model 3 price point until 2021.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c56-aa6c6bf23387",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.72,
        "x": 0.14,
        "y": 0.31
      },
      "kind": "list",
      "text": "Bad Manufacturing Process- Yes, much of Tesla was learned by trial and error and Elon should have listened to others. Again, that is in the past.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "186689fa-643a-4cba-bbbe-4ff3445c205a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.72,
        "x": 0.14,
        "y": 0.35
      },
      "kind": "list",
      "text": "From a technology standpoint, Tesla is light years ahead of the competition. No OEM is even close to having Tesla’s level of connectivity and “upgradeability” in its cars.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4147f3e8-cc10-4942-b7f8-18cac3c9301d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.72,
        "x": 0.14,
        "y": 0.22
      },
      "kind": "list",
      "text": "We've reviewed the mechanics lien documents and they are tiny (i.e., $7.5M in aggregate) with none being “critical” suppliers by any stretch.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a77a741-195a-4294-83da-624e83fb7b81",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.72,
        "x": 0.14,
        "y": 0.18
      },
      "kind": "list",
      "text": "There is NO Tesla killer. Competition is nowhere to be found and no electric vehicle is slated to launch at the Model 3 price point until 2021.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5890b29-94ee-425d-83eb-2c09eda7fdb7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.72,
        "x": 0.14,
        "y": 0.27
      },
      "kind": "list",
      "text": "Employee turnover- Yes, Elon is very difficult to work for to a fault, but that does not change the customer appetite for the product.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c52267e7-388f-4205-90df-dccd6d34d8b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.41
      },
      "kind": "paragraph",
      "text": "Tesla is dominating the industry with no advertising, no unions, no dealer network. It has 1,100 charging stations and a Gigafactory. It also has a mobile repair service (“Rangers”).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a3221d5-81df-4e78-8e12-83edf0785d3b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.51
      },
      "kind": "paragraph",
      "text": "Tesla has the most miles driven data by several orders of magnitude. Tesla has over 8 billion miles driven as every vehicle even if autopilot is not enabled operates in “shadow mode”.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7aacf0e6-67ff-4827-b12e-5db158d931c9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.72,
        "x": 0.14,
        "y": 0.75
      },
      "kind": "paragraph",
      "text": "To anyone who thinks Tesla has fallen behind in technology, here is our favorite anecdote: Consumer Reports ran a test on a Model 3 where they determined that the braking distance was sub-par for its vehicle class.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "95cc52f4-ea01-4361-a8ce-0dfc17066e47",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.72,
        "x": 0.14,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "While it might be easy to dismiss quiet shareholders as weak, Citron has learned from our mistakes and sought to see what these shareholders find attractive- and we have.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dae3f0de-2a46-401a-bb3a-c82c2aeb3382",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 9,
      "from": 6,
      "beatId": "2c55f5a7-b15c-4d1f-8755-c76090d32563",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The research note, preempt rebuttal, valuation reveal, and valuation table provide a solution and approach.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 1,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "c5d53ad2-271e-416c-a86c-96b4aa9416d8",
      "evidence": "The document presents a clear and compelling case for why investors should reconsider their opinion on Tesla.",
      "position": 0,
      "objective": "Highlight the cost of inaction for investors who ignore Tesla's story",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}