Just tweeted out by Elon...
This is the same woman who, when told 2 Brazillians had drowned in a tsunami, asked, "Tell me, exactly how many is a Brazillion?" Bill O'Reilley is next person with a mike to jump on this "loser"
I don't know if that raw story article is correct. O'Reilly was talking about cumulative net losses, which based on the latest balance sheet sounds about right. Raw story used a figure of $90m loss which was only for the latest quarter.
It is not fair to compare the DOE Advanced Technology Vehicles Manufacturing loan program to a venture capitalist. A VC has the goal of making money by investing.
The DOE on the other hand has the goal of advancing automotive technology. In fact, the program was established with the expectation that it would lose money. (Congress put aside 10 billion to fund the programs losses but now it looks like the program will only lose 3 billiion)
Obviously you can argue that the government shouldn't be in the business of funding new important technologies.
Humorously, Sarah Palin (at one time) would disagree:
My uncle is a retired oil company executive, and full time long term fox viewer. I hardly ever get to see him anymore, because I live on the left coast, and hes in the heartland. He came to visit my folks, and when he hear I had a tesla, he snorted and said it was a "fraud", and he didnt even need to see it.
Well see it he did. Got the tour. Then got the keys, and we went driving.
As elon said at the unveiling at the factory, now youve seen the unicorn. He got to ride it. He'll allways be an oilman, but the car impressed him and he looked like a man that had just glimpesed an unexpected future
@PaceyWhitter - I agree with you, I think that's what I was trying to convey in my VC post. People try to defend the DOE loan program as if it were "just like a VC". Well, it isn't, mostly because it loses money, and indeed, is designed to lose money. The whole point of the program is to give a leg up to companies that might be able to help the US have a more energy efficient economy.
Opponents of the program see it as corporate welfare, giving money to political backers, etc.
You have to realize that fiscal conservatives see the huge budgets deficits and ginormous federal debt (which will only be paid down through inflation), and freak out about ANY kind of government spending.
I personally can see how the DOE loan program will probably end up being a net positive for the economy, or at the very least, a worthwhile risk to attain efficiency. I must say, though, that my own thinking has evolved a bit since seeing and buying and using the Tesla. Just like jbunn's uncle.
David Stockman now taking the fight to Tesla in a column. Says it's "swirling the drain". Looks like the right wing has it's latest talking point distributed amongst the blowhards.
Its really wierd how Tesla gets caught up in these dumb political arguments. I truly believe that Tesla would be celebrated by the right (and ignored and/or villified by the left) if it made ICE's (even if it recieved government assistance).
And in truth, the politicians attacking (or supporting) Tesla right now don't really care one way or another about it, they merely are trying to use it against their political opponents.
Palin's comments do seem oddly timed. When Romney made his anti-Tesla comments Tesla was on musch shakier financial grounds, so the comments made more sense. Now Tesla's future looks much rosier, so why now?
One pal asked me about Palin's bricking comment, "is it true that your car would brick if you forget to plug it in?" My response, no, the car has protections that prevent complete battery drainage and you would have to forget to plug it in for a long, long time before that happens. Then I asked him, what happens if you forget to put oil in your car? You got it, the engine bricks (ceases). Whose fault is that? The manufacturer or you?
He then said, well - I don't have to worry about my engine ceasing after driving 200 miles and can't find a gas station. I responded, if you had no oil in your car and drove 10 miles your engine would brick. But that really isn't the point is it?
Point? Fear of the unknown. Some people embrace the unknown with gusto and others are terrified, find every excuse, and demagogue what they don't understand or is not familiar to them. Its the difference between progress and stagnation. The entrepreneurial spirt - America used to be good at that. Now the only thing that we are good at is vilification and tearing each other down because of political ideology or social crap.
I really wish TM would start advertising. Too many people have a misconception, based on inaccurate reporting. The multiple COY Awards, TM is missing a golden opportunity to maximize their position. I think production is up to speed enough to handle the next tidal wave of orders, too.
When I see ADs for Audi or Mecedes, I dream of seeing a Model S on my HDTV, too. It's time.
TM could start there TV AD with a snippet of Romney and Palin calling them losers. Then show the Model S with the camera circling the car, finishing with the camera moving past the car and showing their trophy case of awards. If you call that losing, then sign up up.
When Prez Jimmy Carter left the White House, the US had a deficit of a mere $20B and $900B in debt accumulated in over 200 years of independence, War of Independence, a bunch of Indian Wars, Mexican War, WWI, WWII, Korean War, Vietnam War, Cold War, etc. In rolled Prez Ronald Reagan (who probably had the onset of Alzheimer) and David Stockman. They drove the deficit sky hi with their trickle down theories of supply side economics. Nothing but a way to feed the filthy rich. David Stockman admitted as much!
The US ICE auto industry gets huge subsidies from the government. Bailouts in $Bs in 1979 mainly of Chrysler. Lately GM and Chrysler got bailed out (at a loss to the taxpayer!) and Ford got nearly $5B in dirt cheap taxpayer subsidized loans. Gasoline would have been $10+/gal if US did not spend $trillions in wars and a huge armada to maintain hegemony over the oil fields in the Middle East.
I admit Fisker, A123 were duds. Did not have disruptive technologies. Same with Solyndra. However, the work in battery tech being done at Argonne National Laboratory has the potential to revolutionize battery tech. The potential is to 3x battery energy capacity and hit the mass market within 5 years. Envia and CLB are working in this direction. Anybody remember Kodak and film photography?
The fact that the politician's keep talking about Tesla puts that name on peoples tongues. It doesn't matter if it's good or bad, just matters how many brain cell's exist between the ears of the person consuming the information. Tesla Motor's get's way more traction then an advertisement because people want to know what the fuss is about. You will never convince the brain dead or the ignorant so why try? For those who have a good head on their shoulders, let me direct you to the deposit page on TeslaMotors.com
TSLA up 3% today. Thanks for the free addy Sarah! Her vapid comments, like always, are comfort food for her fans but mean nothing to intelligent people (right or left on the political spectrum) willing to do their own thinking.
Oops. Down 4% today. TSLA responds rumor like lightning. Verrry volatile.
typo: ... responds to rumor ...
Wnat? down 4% today?
when I looked it was up 3.36% at end of trading ....
Mistake. Needed a page refresh, had cached image from yesterday. So we're back to Monday's number.
If Tesla got its money from screwing over low- and middle-income earners, these same people would love it.