Home / Auto News / News article: Tesla CEO Musk Admits Fault for Creative Finance Calculator - AutoGuide.com News
 |  May 05 2013, 11:01 AM

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Tesla CEO Elon Musk has admitted that the automaker’s online finance calculator was misleading and has confirmed it will be fixed to not include non-financial factors in the online monthly payment.

Musk admitted fault with the calculator during a conference call on Friday, stating that Tesla was in the wrong, and the media was right to criticize it. The online calculator displays the monthly cost of owning a Tesla under its lease-to-buy offer. Problem is, the calculator included factors such as time saved by not having to pump gas, helping lower the monthly payment presented to shoppers with non-cash savings.

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Tesla will be fixing the online calculator so that the cost savings estimates are more conservative.

“We were wrong, those people were right,” he said. “We need to fix it.”

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