Bought NIO, Tesla Sued by State of Nevada

Tesla and its CEO Elon Musk may be failing miserably at "burning the shorts", but they seem to have been successful so far in stickin' it to the man.

The great state of Nevada has sued Tesla Motors for unpaid taxes:

It seems that the company not only stiffs some suppliers, contractors, and apparently even customers, but now the government too.

Totally normal for a legit & financially healthy $50B company, isn't it?

 

In other Tesla news today, the NHTSA rebuked the company's claim made a couple days ago that Tesla is "the safest" among 5-star rated vehicles.

It reminds one of 2013:

Don't be impressed by a 5-star safety rating.  A great many vehicles receive that rating including mass-produced commuter cars costing less than 1/5 what Tesla sells for and which don't have abysmal reliability ratings (scroll all the way down).

Also, Volkswagen aims to make "electric vehicles for millions, not millionaires."

We are short Tesla.


NIO is a Chinese electric car company which started trading a month ago on the NYSE.

We opened a position in NIO this afternoon at an average of $6.60 after it broke above its recent highs on rising volume.

After checking on what may have caused the spike, we see that J.P. Morgan initiated coverage with a $7.50 price target... and as we've been composing this post we see that NIO has climbed to over $8.40 in after-market trading.

So far, so good.

We'll sell if it drops to $5.30 or lower, which is just below its post-IPO low.



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