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Tesla dropped to 'junk bond' status by S&P

While Tesla Motors' Model S is a piece of pristine, well-designed metal, the company's bonds have now been rated as "junk." But maybe that's better than the other way around. We'll let the investors decide. Standard & Poor's gave Tesla's bonds a 'B-' rating this week, indicating so-called "junk status," Automotive News says. That means investors are saying the company has a relatively high chance of defaulting on its loans. S&P cites Tesla's short history, competition from some very large companies and relatively narrow product line (none of which are new facts), and estimates that investors would be able to recover 30 to 50 cents on the dollar should the company default. Tesla has been issuing billions of dollars in bonds this year to raise funds for its planned gigafactory somewhere in the southwestern US, a project that Tesla estimated will cost $5 billion ($2 billion from Tesla, $3 billion from partners). Tesla said earlier this month that it took a first-quarter loss of $49.8 million, compared to year-earlier net income of $11.2 million. While revenue rose 10 percent to $620.5 million, selling and administrative costs more than doubled while research and development costs jumped 48 percent. And while Tesla's share price has doubled during the past 12 months (it's at around $209 today), the company's liabilities doubled to $3.52 billion from the beginning of the year to the end of the first quarter. There's a short video on the situation from CNN Money below.

BMW M850i Coupe, Jeep Wrangler Rubicon and a 1996 Toyota Land Cruiser | Autoblog Podcast #585

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor Alex Kierstein and Senior Editor, Green, John Snyder. This week, they talk about driving the BMW 8 Series Coupe, Jeep Wrangler Rubicon and Toyota Corolla Hatchback. Then they talk about the news, including electric Hummer rumors and Tesla pickup timing. Finally, they consider whether or not Greg should buy his neighbor's 1996 Toyota Land Cruiser. Autoblog Podcast #585 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: BMW M850i xDrive Coupe Jeep Wrangler Rubicon Toyota Corolla Hatchback In the news: Is an all-electric Hummer in the works? Tesla pickup truck is on its way Spend My Money: 1996 Toyota Land Cruiser Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

Driver of stolen Tesla involved in fiery crash dies

On July 4, someone reportedly stole a Tesla Model S from a Tesla store in Los Angeles and, after driving it at speeds over 100 miles per hour, crashed into a light pole, splitting the car in two, causing a fire and severely damaging other cars and injuring their occupants. The fact that the driver survived the fiery wreck was surprising to experts, but now we have news that the driver has passed away. The driver, 26-year-old Joshua Michael Flot of Inglewood, CA, actually passed away July 7 but the news and his identity were not announced until today so the police could notify his family. As far as we know, this is the first death involving a driver or passenger in a Tesla Model S. According to safety experts Bloomberg interviewed, the crash and the fire should have killed Flot immediately. "It looked like a non-survivable crash," said Casey Grant of the National Fire Protection Association. Bloomberg has more on how dangerous a steel pole crash can be, here. Indeed, the pictures are astonishing, with the Model S completely destroyed and one half of the car wedged into a nearby building. Tesla spokesman Simon Sproule issued a statement that said, "We are saddened by the harm that resulted from the July 4 theft and crash. We are assisting the authorities as needed as they continue their investigations."