The Financial Times has issued a retraction for an article it recently published that accused the electric vehicle maker of shady accounting practices.

The FT’s retraction has been appreciated by the electric vehicle community in social media, though many highlighted the fact that the publication’s erroneous allegations have long been spread across numerous other media outlets.

The Allegations

In an article published on March 19, the Financial Times pointed out that if one were to compare “Tesla’s capital expenditure in the last six months of 2024 to its valuation of the assets that money was spent on,” “$1.4 billion appears to have gone astray.”

The FT article highlighted that Tesla reported spending $6.3 billion on “purchases of property and equipment excluding finance leases, net of sales” in the second half of 2024. However, in that period, the company’s property, plant, and equipment only rose by $4.9 billion. As noted by members of the r/Accounting subreddit, this appeared to be the basis of the FT’s article, which seemed careless at best.

Unfortunately, the publication’s allegations were quickly echoed by other news outlets, many of which proceeded to accuse Tesla of implementing shady accounting practices.

The Retraction

In its recent retraction, the Financial Times explained that Tesla’s payments for assets already purchased and the possible disposal of depreciated property could help explain the alleged discrepancy in the company’s numbers. With these in consideration, the publication noted that the “crack we’re left with at Tesla is now small enough — just under half a billion dollars — to be filled with some combination of foreign exchange movements, non-material asset write-offs, or the sale of machinery or equipment close to its not-fully depreciated value.”

“As we sound the Alphaville bugle while lowering this particular red flag, one unavoidable conclusion is that at a certain point it’s necessary to trust the auditor’s judgment,” the publication noted.

Tesla CEO Elon Musk has responded to the Financial Times‘ retraction, commenting, “Turns out FT can’t do finance” in a post on social media platform X.

Starlink received the green light to launch its internet services in Vietnam.

The Vietnamese government noted SpaceX’s permission to launch Starlink services in the country is on a trial basis. Starlink’s trial period will last until the end of 2030. SpaceX has a subscriber limit of 600,000 within the trial period.

SpaceX can provide Starlink’s fixed and mobile internet service plans throughout Vietnam. It may also offer Starlink Aviation service plans.   

According to Reuters, the Vietnamese government noted that there is no limit to foreign ownership of a service. It is uncertain if SpaceX has applied for a license to launch Starlink services in Vietnam.

Vietnam’s decision to permit Starlink services in the country differs from Italy’s decision to pause discussions regarding SpaceX’s internet service. According to Italy’s Defense Minister Guido Crosetto, discussions of a Starlink deal with SpaceX have “come to a standstill. Crosetto cites the controversy surrounding Elon Musk as the reason for the pause on a Starlink deal. Italy was discussing a potential $1.6 billion, 5-year Starlink contract with SpaceX.

SpaceX is also trying to launch Starlink in India. The aerospace company has already signed deals with two of India’s top telecom companies for Starlink services. However, Starlink is still waiting for regulatory approval.

While waiting for regulatory approvals and license processing, SpaceX continues to improve its Starlink services. Recently, news broke that the Elon Musk-led company has plans to launch a new Starlink dish with gigabit speeds.

Tesla recently delivered its 250,000th electric vehicle (EV) in the United Kingdom (UK). The American EV maker delivered its 200,000th car in the UK on March 28, 2024.

The 250,00th Tesla vehicle delivered in the UK was handed over to the Cotters, a small family of four with two children. The Cotters received a Tesla Model 3, showing that it still has a place among families.

Tesla UK sales increased by over 20% in February, with almost 4,000 units sold. Last month, the Tesla Model 3 and Model Y ranked second and third, respectively, as the UK’s most popular cars. The Mini Cooper was the UK’s most popular car in February.

Tesla’s brand in the United Kingdom appears untainted by the recent controversy surrounding Musk, leading people in the United States to vandalize Tesla vehicles, stores, and Superchargers.

In the United States, the FBI has created a task force to squash Tesla attacks and end the acts of “domestic terrorism.” At least four people have been arrested related to Tesla attacks, one of which drove a car into a group of people protesting in front of a Tesla store. The other three allegedly threw Molotov cocktails at Tesla vehicles, stores, and Superchargers.

Wall Street analysts have acknowledged the adverse effect anti-Tesla sentiments could have on the company stock. However, the Tesla attacks have little to no impact on analysts’ recent Tesla target price estimates or predictions.

A few analysts have reduced their Tesla price targets as the first quarter ends. Wells Fargo’s Colin Langan cut Tesla’s price target to $130, while RBC slashed it to $320. However, some analysts maintained their price target, like Canaccord Genuity.

“Our estimate is informed by our opinion that some consumers are delaying vehicle purchases to access the new Model Y and 4Q24 earnings call commentary regarding Model Y-related factory retooling limiting production…We wonder whether purchase decision delays and production limitations are being misinterpreted as halted overall momentum for Tesla,” Canaccord analysts noted.