Tesla names Larry Ellison to board

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It's a bad thing for folks who want to buy a Tesla in the future. The expiring tax credit will make the Model 3 at least $3,750 more expensive.

Tesla Inc has named Oracle Corp co-founder Larry Ellison, a shareholder and self-described close friend of Chief Executive Elon Musk, to its board to provide the independent oversight demanded by US regulators after Musk tweeted about taking the electric carmaker private. Many current owners were more than happy to share their knowledge of Tesla vehicles with new owners.

"Tesla intends to certify to the Commission that it and Elon have timely completed each of their respective actions required pursuant to the Settlement", the company said in a securities filing.

Because of the deadline, Tesla set October 15 as the cutoff date for vehicle orders eligible for the full credit.

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Musk has earlier promised to reimburse Tesla buyers for any loss of benefit from the tax credit caused by delayed deliveries of the cars by end of 2018 if their orders were placed before December 20.

If Tesla were to pay the $3,750 difference between credit amounts on 3,000 cars, it would cost the company more than $11 million. Post 200,000, the tax credit begins to decrease. Tesla reached that mark in July - the first automaker to do so. Tesla is moving Model 3 production to Europe in January, probably knowing the tax credit phase-out would curtail sales of the current model.

Tesla's legal department also has been going through shakeups since Mr Musk's run-in with the SEC. Even Tesla CEO Elon Musk's consistent promotion of the company's ability to deliver vehicles by the end of the year and a corporate campaign urging Tesla's employees to buy the company's cars, both of which unraveled in the last few weeks, didn't help the situation.

Just last week we got word that Oracle 's (ORCL) Larry Ellison would be joining Tesla's board, but the stock is trading lower Monday, on an otherwise good day for the market, hurt largely by a report from Electrek, which said that the company had more than 3,000 Model 3 units left in its USA inventory.