Looks like Tesla’s reliance on government subsidies has finally hit a wall in Canada.
After Tesla requested reimbursement for an unprecedented 8,669 Canadian EV rebates in just three days, the Canadian government froze Tesla’s rebate payments and paused all future eligibility for federal rebates while tariffs are in place.
Read the full details and the fallout here.
Hear me out:
Everyone seems to think that Musky is the richest person on the planet, when that “fact” is based on his leveraged net worth, not liquid assets.
What if Musk was trying to do some shady garbage in / to Camada to pull a few million out to float him for a few months. This could be similar to what a normal person might do with a few hundred dollars from an ATM.
Musk is undeniably in the “uber rich” category. I argue that the difference between being a billionaire and a many-billionaire is mostly if not entirely academic in practice.
Are there even 8k people in Canada?
Anybody else just get a boner?
Oh lord the news has him bricked up like a Cybertruck after a routine software update.
Ever since this broke I’ve been so curious to see which are dealers with bad, rushed paperwork before a deadline that they let pile up before mass-submitting, and how many are outright fraud. Neither would surprise me at this point.
One store in ontario had 1200 in one day and a store in quebec 4000 during a week-end so i vote for fraud
It would not surprise either if a lot of the swastikar vandalism was assurance fraud too
That’s the number they sent, we don’t know the sales dates on those so maybe they were just super bad at submitting the paperwork…
The rebate is quite large. $5,000 or thereabouts in most cases. The company also fronts that money to the customer, and then claims reimbursement from the government.
Have you ever known any business to delay in collecting $5,000, particularly when it is sitting as a liability on their books until they collect? Much less to do that more than 8,000 times?
Probably all of them are fraud. A friend bought a Tesla last year and they said Tesla DOESN’T do the paperwork for the EV rebate. The client must go after it and pocket the money. All other dealers do the job for you.
So maybe they found a way to identify customers that didn’t, and submitted the paperwork in order to get the rebate for themselves?
I suppose they sent the requests so they could sell the cars cheaper than the competitors when the rebate is cancelled.
This makes me wonder how much they’ve gotten away with in other countries. Who knows if the sales numbers they’ve been reporting are even accurate?
Tesla’s stock is an irrational, overinflated hype stock with an absurd price-to-earnings ratio and a large-shareholder CEO who was being investigated by the SEC before he dismantled it.
Considering that the stocks are used as his personal piggybank and his history of totally-not-market-manipulation-because-there-are-no-charges, I would be more surprised if the sales numbers are accurate.
