Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

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nextmove, one of <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> largest fleet owners overall and its largest in Germany, just posted the most devasting Tesla review yet in a comprehensive YouTube video to explain why it canceled a $5.55 million order for additional Model 3s, which I can crystallize in a single quote:<blockquote>
"From our point of view Tesla has no process for a defect-free delivery."<a href="https://www.youtube.com/watch?v=boWp5JqqenY&amp;feature=player_embedded" target="_blank" rel="noopener"></a>
Stefan Moeller, nextmove <a href="https://www.youtube.com/watch?v=boWp5JqqenY" target="_blank" rel="noopener">video</a>, 8/16/19
</blockquote>I long have warned, most recently in <a href="https://www.smartkarma.com/insights/tesla-q2-deliveries-beat-demand-and-profit-trends-less-clear" target="_blank" data-smartkarma-citation="insights:30907" rel="noopener">Tesla Q2 Deliveries Beat; Demand and Profit Trends Less Clear</a> and <a href="https://www.smartkarma.com/insights/the-trouble-with-tesla-s-arrested-development" target="_blank" data-smartkarma-citation="insights:31131" rel="noopener">The Trouble With Tesla's Arrested Development</a>, that Tesla is actively impairing demand with its increasingly problematic manufacturing problems which have produced notably poor quality and reliability in now all its models as well as its poor customer service which have angered customers and spooked potential buyers who are increasingly driven to more trustworthy competitors. And, as I have observed, this can't be fixed with nearly a year of drastic price cuts.Such problems are far from over, so it won't be the last time we hear such stories or brace for the resulting impact. Tesla's loss of the vital nextmove order is a reminder that losing a customer can mean not just one lost sale, but scores and even hundreds of lost sales in one fell swoop--amplified by negative coverage which scares off buyers they never see.Read on for Bond Angle analysis.

nextmove, one of Tesla Motors (TSLA US) largest fleet owners overall and its largest in Germany, just posted the most devasting Tesla review yet in a comprehensive YouTube video to explain why it canceled a $5.55 million order for additional Model 3s, which I can crystallize in a single quote:
"From our point of view Tesla has no process for a defect-free delivery."
Stefan Moeller, nextmove video, 8/16/19
I long have warned, most recently in Tesla Q2 Deliveries Beat; Demand and Profit Trends Less Clear and The Trouble With Tesla's Arrested Development, that Tesla is actively impairing demand with its increasingly problematic manufacturing problems which have produced notably poor quality and reliability in now all its models as well as its poor customer service which have angered customers and spooked potential buyers who are increasingly driven to more trustworthy competitors. And, as I have observed, this can't be fixed with nearly a year of drastic price cuts.Such problems are far from over, so it won't be the last time we hear such stories or brace for the resulting impact. Tesla's loss of the vital nextmove order is a reminder that losing a customer can mean not just one lost sale, but scores and even hundreds of lost sales in one fell swoop--amplified by negative coverage which scares off buyers they never see.Read on for Bond Angle analysis.

Indonesia Political Risk Analyst

Kevin O’Rourke

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

Tax changes mark a fundamental overhaul of auto-sector regulation, designed to move from taxing based on model and engine size to rates based on emissions and fuel consumption.  Pollution in the capital is placing the governor under pressure, but the scrutiny will affect industries more broadly.  A Labor Ministry source downplayed prospects for a Labor Law revision prior to next year.  Widodo reiterated that numerous seats will go to parties -- even as two ministries headed by party representatives face KPK allegations of graft in import quotas, resulting in the arrest of a PDI-P parliamentarian.  Megawati received a fifth five-year term as PDI-P chair in a congress attended by Prabowo.  Haze is returning.  Plus, a close look at the factors causing the 6-30 blackout that covered Jakarta, Banten and West Java.

Tax changes mark a fundamental overhaul of auto-sector regulation, designed to move from taxing based on model and engine size to rates based on emissions and fuel consumption.  Pollution in the capital is placing the governor under pressure, but the scrutiny will affect industries more broadly.  A Labor Ministry source downplayed prospects for a Labor Law revision prior to next year.  Widodo reiterated that numerous seats will go to parties -- even as two ministries headed by party representatives face KPK allegations of graft in import quotas, resulting in the arrest of a PDI-P parliamentarian.  Megawati received a fifth five-year term as PDI-P chair in a congress attended by Prabowo.  Haze is returning.  Plus, a close look at the factors causing the 6-30 blackout that covered Jakarta, Banten and West Java. 

EV, Hybrid Incentives / Jkt's Air / Seats Promised for Parties / Islamists Slammed / Haze Redux

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/093/375/original/tesla%20GA4%20tent%20%20%20%20source%20%20%20Stephen%20Lam%20Reuters.jpg?1563394610" class="editor-image img-responsive" data-smartkarma-image-id="93375"></figure><div class="content-caption">Tesla GA4 tent. Stephen Lam/Reuters</div>CNBC filed a <a href="https://www.cnbc.com/2019/07/15/tesla-workers-in-ga4-tent-describe-pressure-to-make-model-3-goals.html" target="_blank" rel="noopener">scathing report</a> this week detailing serious problems at the <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> GA4 tent, a supposedly temporary solution set up in the parking lot last year to ease Model 3 production constraints at the company's primary manufacturing plant in Fremont, California.Even more troubling, as I long have warned, is that the problems CNBC uncovered really aren't new. Tesla's troubles also are no longer about being a quirky start-up still figuring things out as it goes. This is a $45 billion company now more than sixteen years old and more than a year into full-scale production capability for all of its models that it's expanding across the globe.Tesla denies CNBC's findings, <a href="https://www.businessinsider.com.au/tesla-workers-took-shortcuts-used-electrical-tape-model-3-goals-2019-7" target="_blank" rel="noopener">telling Business Insider</a> they are “misleading” and that it has “dedicated teams” that “track every car throughout every shop in the assembly line.”<blockquote>“In order to ensure the highest quality, we review every vehicle for even the smallest refinement before it leaves the factory. Dedicated inspection teams track every car throughout every shop in the assembly line, and every vehicle is then subjected to an additional quality control process towards the end of line. And all of this happens before a vehicle leaves the factory and is delivered to a customer. This applies to all areas of the factory, including our operations at GA4, and it’s why Tesla is able to build the safest and best-performing cars available today,'' the company said in a statement."</blockquote>Gee, who should we believe? If only there was mounting evidence from multiple sources showing Tesla has a long history of serious and escalating problems with its working conditions, plant safety, quality controls, and management oversight which already have cost the company millions of dollars in fines and settlements and yet no signs of being convincingly resolved.Hint: there is. Lots, as I've been warning since last year.Read on for Bond Angle analysis.

Tesla GA4 tent. Stephen Lam/ReutersCNBC filed a scathing report this week detailing serious problems at the Tesla Motors (TSLA US) GA4 tent, a supposedly temporary solution set up in the parking lot last year to ease Model 3 production constraints at the company's primary manufacturing plant in Fremont, California.Even more troubling, as I long have warned, is that the problems CNBC uncovered really aren't new. Tesla's troubles also are no longer about being a quirky start-up still figuring things out as it goes. This is a $45 billion company now more than sixteen years old and more than a year into full-scale production capability for all of its models that it's expanding across the globe.Tesla denies CNBC's findings, telling Business Insider they are “misleading” and that it has “dedicated teams” that “track every car throughout every shop in the assembly line.”“In order to ensure the highest quality, we review every vehicle for even the smallest refinement before it leaves the factory. Dedicated inspection teams track every car throughout every shop in the assembly line, and every vehicle is then subjected to an additional quality control process towards the end of line. And all of this happens before a vehicle leaves the factory and is delivered to a customer. This applies to all areas of the factory, including our operations at GA4, and it’s why Tesla is able to build the safest and best-performing cars available today,'' the company said in a statement."Gee, who should we believe? If only there was mounting evidence from multiple sources showing Tesla has a long history of serious and escalating problems with its working conditions, plant safety, quality controls, and management oversight which already have cost the company millions of dollars in fines and settlements and yet no signs of being convincingly resolved.Hint: there is. Lots, as I've been warning since last year.Read on for Bond Angle analysis.

The Trouble With Tesla's Arrested Development

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

Equity Bottom-Up

Minth's business in North America contributes to 20% of the group's revenue focusing on top end clients such as <a href="https://www.smartkarma.com/entities/general-motors-co" target="_blank" data-smartkarma-citation="entities:18811:1">General Motors Co (GM US)</a> , <a href="https://www.smartkarma.com/entities/ford-motor-co" target="_blank" data-smartkarma-citation="entities:19225:1">Ford Motor Co (F US)</a> and <a href="https://www.smartkarma.com/entities/daimler-ag" target="_blank" data-smartkarma-citation="entities:21602:1">Daimler AG (DAI GR)</a> with production factory in the US and Mexico. Trump's recent rhetoric on imposing tariff on Mexico has worked out well as the Mexican government promised to invest on the facilities that will help to crack down illegal migrants by having deployment of a militarized national guard at the Guatemalan border, thousands of additional migrant arrests per week and the acceptance of busloads of asylum seekers turned away from the U.S. border daily, all geared toward cutting the migrant flow sharply in coming weeks. However, that does not mean this will be sustainable in the long run as the agreement may be revised once Trump is no longer seating in the throne. This report is written to discuss the following:<ol>
<li>Minth business in North America?</li>
<li>Trump vs Mexico</li>
<li>Minth's customers in North America </li>
</ol>

Minth's business in North America contributes to 20% of the group's revenue focusing on top end clients such as General Motors Co (GM US) , Ford Motor Co (F US) and Daimler AG (DAI GR) with production factory in the US and Mexico. Trump's recent rhetoric on imposing tariff on Mexico has worked out well as the Mexican government promised to invest on the facilities that will help to crack down illegal migrants by having deployment of a militarized national guard at the Guatemalan border, thousands of additional migrant arrests per week and the acceptance of busloads of asylum seekers turned away from the U.S. border daily, all geared toward cutting the migrant flow sharply in coming weeks. However, that does not mean this will be sustainable in the long run as the agreement may be revised once Trump is no longer seating in the throne. This report is written to discuss the following:
Minth business in North America?
Trump vs Mexico
Minth's customers in North America 


Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

While initial reports suggested that <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1">Renault SA (RNO FP)</a> was nearing an agreement with <a href="https://www.smartkarma.com/entities/fiat-chrysler-automobiles-nv-450a5959-12ec-4109-9f93-ac825170905f" target="_blank" data-smartkarma-citation="entities:27920:1">Fiat Chrysler Automobiles NV (FCA IM)</a> on its proposed merger, just a few hours later it was announced that Renault had decided to postpone a decision to review the terms further, on prodding from the French government. This was swiftly followed by FCA withdrawing its offer. This looks on the surface like it could be a negotiating tactic and it is possible that Nissan's wariness is what is holding up Renault's agreement. We examine the details below.

While initial reports suggested that Renault SA (RNO FP) was nearing an agreement with Fiat Chrysler Automobiles NV (FCA IM) on its proposed merger, just a few hours later it was announced that Renault had decided to postpone a decision to review the terms further, on prodding from the French government. This was swiftly followed by FCA withdrawing its offer. This looks on the surface like it could be a negotiating tactic and it is possible that Nissan's wariness is what is holding up Renault's agreement. We examine the details below.

Nissan: FCA Pulls Out as Nissan Demurs and Renault Vacillates

Germany

Mercedes-Benz Group AG operates as an automobile company. The Company designs, manufactures, distributes, and sells a wide range of automotive products such as passenger cars, trucks, vans, and buses. Mercedes-Benz Group also provides financial and other services relating to its automotive businesses.

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Mercedes-Benz Group (MBG GR)

Tesla: Not At Your Service

nextmove, one of Tesla Motors (TSLA US) largest fleet owners overall and its largest in Germany, just posted the most devasting Tesla review yet in...

Vicki Bryan

EV, Hybrid Incentives / Jkt's Air / Seats Promised for Parties / Islamists Slammed / Haze Redux

Tax changes mark a fundamental overhaul of auto-sector regulation, designed to move from taxing based on model and engine size to rates based on...

Kevin O’Rourke

The Trouble With Tesla's Arrested Development

CNBC filed a scathing report this week detailing serious problems at the Tesla Motors (TSLA US) GA4 tent, a supposedly temporary solution set up in...

Vicki Bryan

Minth (425): Sombrero and Americano!

Minth's business in North America contributes to 20% of the group's revenue focusing on top end clients such as General Motors Co (GM US) , Ford...

Henry Soediarko

Nissan: FCA Pulls Out as Nissan Demurs and Renault Vacillates

While initial reports suggested that Renault SA (RNO FP) was nearing an agreement with Fiat Chrysler Automobiles NV (FCA IM) on its proposed...

Mio Kato

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