#ETTD: Twice-Removed Edition
#tesla #mistergreen
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You will find a link to a recent BNR article about MisterGreen in my thread below.
Much more #MisterGreen content in my Bluesky post history.
Enjoy!
bsky.app/profile/call...
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Kees, the main #MisterGreen propagandist, uses a slur to demean a very respectable Dutch publication that has reported on deeply insolvent MisterGreen’s #Tesla fleet.
@lisanne.bsky.social
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Rejoice #Tesla fanboys and bulls,
The AV / Robotaxi "trade mission" to Texas, organized by famous #MisterGreen co-founders Florian Minderop and
Mark Schreurs starts today!
"13 out of 20 places still open", so I doubt anyone other than MisterGreen (MG) insiders signed up.
🧵1/5
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#MisterGreen and its #Tesla fleet is unlikely to find new capital at home, as the Dutch media is reporting on its financial distress.
So now Florian Minderop solicits foreign investors with his new Substack.
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Automotive confirms what I tweeted months ago:
#MisterGreen lost capacity to lease new #Tesla cars, as it takes losses on liquidating off-lease cars.
Reality must be worse as auditors have still not signed off on 2023 financials.
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🚨Mainstream Dutch press confirms problems at #MisterGreen, the 4'000+ #Tesla car lease company.
Deplores fate of the retail bondholders.
Dutch language only unfortunately.
Audio segments hit hard!
#CanaryInTheTeslaCoalMine
www.bnr.nl/nieuws/onder...
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I thrown in another OSINT challenge:
Who recognized the nice office / villa where each #Tesla car was carefully staged for the photo?
Does not look like #MisterGreen in Weesp, or its "overflow lot" in Baarn, or the auction lot in Apeldoorn.
3/3.
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I could not link any licence plate directly to #MisterGreen via metadata, perhaps because the occasion.mistergreen. nl metadata was scrubbed already.
I therefore call on my Dutch followers to do some gumshoe #OSINT in Apeldoorn, Ugchelseweg.
2/3
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Looks like auctions for #MisterGreen inventory of idle #Tesla cars on Troostwijk have restarted:
Same photostaging,
Same storage lot.
Approximately same batch size (11 cars this time).
1/3
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COGS for a leased car, in the case of #MisterGreen, is mainly
🔹depreciation
🔹cost of financing
Leasing at a loss is "less bad" than selling on the used car market, where you have to book a perhaps bigger loss (as you sell way below the overestimated book value).
#CanaryInTheTeslaCoalMine
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#MisterGreen dropped the lowest price for a #Tesla Model 3 occasion lease from €399/month to €369/month.
Such lease contracts are marked as "onerous" in the preliminary 2023 financials:
They cause an operating loss for which a provision must be made.
1/2
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The Dutch used car market simply can't absorb the #MisterGreen supply of #Tesla cars anymore.
#MisterGreen tried export before.
MG "preliminary" 2023 financials book the fleet value at €172M, or > €40k per #Tesla vehicle.
Senior debt is €147M.
5/6
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The problem is that #MisterGreen has too much inventory:
157 #Tesla cars on its balance sheet, not earning a penny,
with perhaps 1'000 more (out of 4'000 total fleet) coming off lease this year.
4/6
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#MisterGreen seems to be resuming sales of off-lease #Tesla cars via Autoscout24.
Prices should be better than on Troostwijk.
The problem is that the Model 3 with 90'857km on odometer was listed one week ago for €17'500 and found no buyer. So raise the price to €18'000?
2/6
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The auctions of #MisterGreen inventory (off-lease #Tesla cars that found no take for occasion lease) seem to have been been paused for now.
Results of last batch (15 cars) auctioned off yesterday:
🔹RWD SR+: €7'600 - €12'250 (8x)
🔹LR/P: €8'600 - €12'250 (7x)
Prices ex-VAT.
🧵1/6
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But in all likelihood Mark is simply preparing his next move,
and a #MisterGreen bankruptcy may mark the time Mark and Florian split ways.
Shame on AFM to have let it come to this.
They should never have allowed an issuer like this to place subordinated debt with retail investors.
7/7
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If this is just an elaborate ploy to find dumb money to keep #MisterGreen afloat, then it sure seems smarter than Florian solliciting his followers to DM him on Xitter:
The ticket price is a hurdle that filters out "poor" people.
Mark gets to make his pitch to captive persons over 3 days!
6/7
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As with #MisterGreen, grift is an integral ingredient of this mission of course:
Small- and Medium Business owners can get a subsidy to cover €2'000 out of ticket price €3'500 (does not include travel and lodging).
5/7
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Not clear if Florian is going.
Also strange that Mark is the contact person in #MisterGreen 's effort to get a decent price for 5 #Tesla cars via AutoScout24 NL.
Maybe Mark and Florian do not have exactly equal liability towards #MisterGreen senior lenders and bondholders?
4/7
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Mark is the only person directly and publicly linked to this mobility-trade-missions.nl website.
No reference to Florian. Reference to #MisterGreen only via Mark's bio and "partners".
This website is very fresh, judging by how many times if refers to their partner "Grodan" 🤪.
2/7
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Calling it now:
🚨#MisterGreen co-founder Mark Schreurs is preparing for life after MisterGreen 🚨
Feels like a #MisterGreen bankruptcy is very imminent now.
#Tesla
#CanaryInTheTeslaCoalMine
🧵1/7
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I recommend a coffee in the #MisterGreen occasion lease delivery center in Weesp.
Florian or Mark will serve it to you in person, and let you test drive one of the hundreds of end-of-lease #Tesla cars in store!
#CanaryInTheTeslaCoalMine
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#MisterGreen lists 170 cars for Occasion Lease.
Thousands of cars under first lease have a remaining term from 0 to 4 years.
I will make a screenshot of the Troostwijk auction page ahead of each auction deadline, next one Monday 6pm Amsterdam time.
Stay tuned,
end of 🧵6/6
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The #MisterGreen preliminary 2023 financials give no details on the Senior Lending syndicate.
DFM knows about leasing cars, including residual values and maintenance costs for #Tesla cars.
So perhaps they got out during 2023-2024!
I doubt we will see #MisterGreen final 2023 financials.
5/6
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This accelerated liquidation shows that Senior Lenders do not believe that Florian and Mark will find new capital.
Messages to bondholders about "capital restructuring" are bullshit.
As soon as Senior Lenders find a buyer for existing lease contracts they will bankrupt #MisterGreen.
3/6
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The Senior Lenders are getting even more agressive in auctioning off #Tesla end-of-lease cars that see no demand under #MisterGreen 's occasion lease program.
Not awaiting the deadline next Monday, they added another batch of 15 cars with deadline Monday 24th of March.
🧵 1/6
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Does this have an impact on #Tesla sales in Europe?
Yes - it suppresses the prices of the used #Tesla car market in the Netherlands and beyond (as most cars auctioned off end up in Eastern Europe).
The #MisterGreen demise further damages the #Tesla brand.
$TSLAQ
8/8
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This means that the #CanaryInTheTeslaCoalMine is now good and well dead.
The senior lenders are simply eating off its carcass.
I ask to observe a minute of silence for the thousands of retail #MisterGreen bondholders, who have been wiped out.
6/8
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As #MisterGreen had overstated the book value of its #Tesla fleet, we can also make an educated guess about the financial impact.
€10k write-down per car auctioned off, or a loss of €5.0M.
5/8
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