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Money-losing Tesla has been burning through cash as it has aggressively ramped up production of the Model 3, a process Musk has called “production hell.” Tesla bulls are counting on Musk to exponentially raise production, leading to long-term profits. But the company has repeatedly missed production targets. Marking the start of a German onslaught against the U.S. car maker, Mercedes on Tuesday showcased a SUV with a 450-kilometer (280-mile) range - as measured by the New European Driving Cycle test system - that it hopes will appeal to luxury customers and tech-savvy millennials alike.
A Tesla spokeswoman said Tesla’s Model X SUV, as measured by the European system, has a range of 565 km (351 miles), Under stricter standards used by the United States Environmental Protection Agency, the Tesla’s range is measured at 295 miles (475 km), Falling prices for Tesla’s bonds on Wednesday showed deepening concerns about the company’s dwindling cash pile, Its $1.8 billion junk bond maturing in August 2025 88160RAE1= dropped more than a point in price to a record low 85.75 cents letter l cufflinks on the dollar..
Tesla is rated “B-minus” by Standard & Poor’s and “B3” by Moody’s Investors Service, six notches into junk bond territory and just one notch above the “C” area typically assigned to distressed issuers. The outlook from both agencies is negative. The cost to insure Tesla debt against default has been rising, and its five-year credit default swaps TSLA5YUSAX=MP hit a one-month high, according to Markit. Combined with an upfront payment of 17.2 percent of the bond’s insured value, it would cost an investor around $230,000 to insure $1 million of Tesla debt for a year, up from less than $200,000 two weeks ago, when Musk was still exploring a possible purchase of the company.
LONDON (Reuters) - Britain’s Burberry will no longer burn unsold luxury goods to protect its brand after an admission that it destroyed almost $40 million worth of stock last year sparked a furor over waste in the fashion industry, Burberry also said on Thursday it would no longer use real fur such as mink and racoon, in another step towards improving its social and environmental credentials which was immediately welcomed by animal rights campaigners, The waste revelation in July from Burberry came only months after the owner of Cartier and letter l cufflinks Montblanc admitted to destroying some of their unsold watches and coincides with growing public awareness of waste and its environmental impact..
“Modern luxury means being socially and environmentally responsible,” said CEO Marco Gobbetti, who is taking Burberry more upmarket. Its coats sell for more than 2,500 pounds ($3,234) and handbags are priced at up to 1,500 pounds. Many retailers have been called out in recent years for destroying unsold stock, including by slashing or punching holes in garments before throwing them out. Richemont, owner of luxury watch brands, said it bought back unsold stock from dealers during a recent downturn and recycled the precious metals and stones that were in the high-end pieces.
Burberry physically destroyed 28.6 million pounds worth of finished goods in the financial year to April, up from 26.9 million pounds the previous year, including 10 million pounds worth of beauty products such as perfume, The products are generally those that did not sell via discount outlets and are more than five years old, Burberry said it would try to reuse, repair, donate or recycle its products while a strategy to make fewer, more targeted collections should help reduce excess stock, It is also working with the letter l cufflinks sustainable luxury company Elvis & Kresse to transform 120 tonnes of leather offcuts into new products over the next five years..
Exane BNP Paribas analyst Luca Solca said Burberry’s announcement could put pressure on other luxury names to be more transparent about how they handle unsold goods. “Concerns about sustainability are slowly but surely becoming more relevant for luxury goods consumers,” he said. Some luxury groups offer sales to employees and journalists to limit unsold stock. Both Kering, owner of Gucci and Alexander McQueen, and LVMH, owner of Louis Vuitton, Celine, Christian Dior and Givenchy, declined to comment.
Chanel said it did everything it could to avoid destroying stock, including selling items from previous collections to employees and partners, and starting production on goods once it has received orders from buyers, The issue of excess letter l cufflinks stock is, in volume terms, a much bigger problem in the mass market, where retailers and consumers churn rapidly through different styles, Greenpeace says 73 percent of textile fibers used to produce more than 100 billion garments each year end up in landfill or incinerators after they have been used..