Tesla announcement: Revolutionary or marketing genius?
Elon Musk CEO of Tesla Motors made his much anticipated announcement Tuesday regarding his luxury electric vehicle company. To the disappointment of some, It turned out to be an auto financing/leasing plan. Innovative plan or savvy marketing? Social Media was divided.
- Tesla will partner with Wells Fargo and U.S. Bank to allow leasing financing based on a 10 percent down payment. Plenty of tech media covered the announcement.
- Elon Musk used words such as "revolutionary."
- Leasees need to pay only 10 percent down and monthly payments for the three-year lease. But Musk claims that the out of pocket costs are only $500/month when gas savings are considered. Also, the 10% down payment is covered or more than covered by US Federal and state tax credits ranging from $7,500 to $15,000, news reports said.
- But some questioned the math, and poked fun at Musk's statements that he was "personally standing behind" his buyback offer.
- Some interpreted the guarantee, as yes, Elon Musk is putting his money where his mouth is as he first tweeted last week in a tease to Tuesday's announcement.
- Building the anticipation for what turned out to be a financing announcement had some people admiring Musk's marketing prowess.
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