Tesla has a long history of releasing delivery numbers, only to change them in its next filing.
Tesla, Inc. publicizes updated vehicle production and delivery data more than once at the end of each quarter and those numbers change frequently, raising questions about the quality of the company’s accounting function amid a wave of turnover in the department.
For example, on Jan. 2, 2019 Tesla issued a press release for the fourth-quarter production and delivery update that announced that 245,240 cars were delivered in 2018. Tesla also provided a breakdown for total Model 3s delivered in 2018 — 145,846 — and total Model S and X vehicles delivered — 99,394.
The majority of Tesla’s automotive sales revenue is recognized when control transfers upon delivery to customers. At an average price of $57,000 for Model 3s and $72,750 for Model Ss and Xs, that difference is equivalent to approximately $19.5 million more revenue for 2018 announced on Jan 2 than what was cumulatively announced for each of the four quarters throughout the year.
Tesla said it includes the following language in its quarterly production and delivery updates: “Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. We count a produced but undelivered vehicle to be in transit if the related customer has placed an order or paid the full purchase price for such vehicle. Final numbers could vary by up to 0.5%.
“There is growing evidence that Tesla doesn’t follow production and delivery tracking and reporting standards common among major manufacturers. This allows maximum flexibility for Tesla during this stage of its development as an industry player,” said E.W. Niedermeyer, senior editor for mobility technology at TheDrive.com.
Musk grabbed the SEC’s attention again in Feb. 2019 for ineffectively controlling potentially material non-public information, including production and delivery data. After the markets closed on Feb. 19, Musk tweeted an apparent update to guidance on car production:— Elon Musk February 20, 2019 A few hours later, Musk published another tweet to correct the earlier one:
Tesla has also had significant turnover in its key accounting and finance positions in the last three years. Dave Morton, the company’s chief accounting officer quit the company Sept. 4 after only a month on the job. Morton was reportedly pegged to take over for Deepak Ahuja as CFO, according to CNBC.com.
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