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Tesla sued for stiffing supplier

Posted By: Wreckless aka Dream Crusher
Date: 7/7/20 02:28

Tesla Sued By Supplier For Not Paying Its $1.77 Million Bill

Just days after Elon Musk postured as if Tesla didnít really need the cash that it was raising, a new lawsuit has been filed against the company, by a French metal supplier, alleging that Tesla owes them $1.77 million. The suit was filed in California's Northern District.

Lebronze Alloys has provided a metal part for Tesla's electric motor since 2016, but is having difficulty collecting on the $1.77 million (Ä1.55 million) that it is owed by Tesla.

Their lawsuit against Tesla states:

"LBA made numerous efforts to get Tesla to pay the amounts Tesla owed to LBA. LBA convened meetings, sent e-mails and letters, and initiated numerous telephone calls in an effort to get Tesla to pay what it owed, to answer any questions Tesla may have had, and to resolve any issues. In addition, LBA demanded reasonable assurances of performance by Tesla."

Another interesting aspect of the lawsuit is that it also may have also inadvertently offered a nod to lower guidance from Tesla. The original 2016 agreement had Tesla agreeing to buy parts for up to 1.5 million vehicles. But that agreement was amended in February 2019, with the forecast changed to just 250,000 vehicles. Whether this is a result of new lowered guidance, or Tesla taking receipt of orders between 2016 to 2019, remains to be seen.

https://www.zerohedge.com/news/2019-05-29/tesla-sued-supplier-not-paying-its-177-million-bill

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