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Tesla repays $465 million government green energy loan ahead of schedule
Posted on 5/22/13 at 7:34 pm
Posted on 5/22/13 at 7:34 pm
quote:
Tesla Motors has repaid a $465 million loan to the Department of Energy nine years ahead of schedule, becoming the first of several car companies to repay its share of a multibillion-dollar program meant to spur electric vehicle development. The company announced today that it had made a final payment of $451.8 million, drawn from the more than $1 billion the company recently raised in a major stock offering last week. Tesla recently turned the first profit in its decade-long history, posting income of $11.2 million last quarter after launching its Model S sedan in 2012.
quote:
With this repayment, Tesla becomes a success story for the Obama Administration's green energy loans program, which has been criticized by Republicans as a failed attempt to prop up alternatives to fossil fuels. Tesla was once derided as a "loser" by then-presidential candidate Mitt Romney, who likened it to now-bankrupt energy company Solyndra — a beneficiary of another Department of Energy loan. Its repayment of the loan likely won't placate critics. "When they're picking all these losers, it's nice for them to have one where they can point to," Representative Jim Jordan (R-OH) told Bloomberg upon hearing the news.
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Posted on 5/22/13 at 7:46 pm to rickgrimes
1 success surrounded by many instances of corruption and blatant failures of similar companies
Posted on 5/22/13 at 7:57 pm to TheDiesel
Also from the article:
Goes to show what good management and vision can do for a company. Elon Musk is a great CEO. He gets shite done. He will go down as one of the top entrepreneurs of his generation.
quote:
Not all recipients, however, are doing as well. Like Tesla, Fisker was once a promising producer of luxury electric cars. In 2010, the Department of Energy granted it $529 million, but funding was frozen in 2011 after it failed to meet milestones. Since then, the company appears to be on the verge of bankruptcy, and it recently missed an initial $10 million payment. Despite some initial publicity problems with its Model S, Tesla seems to have avoided that trap — and in the coming months and years, it plans to bring the electric car to a broader consumer base.
Goes to show what good management and vision can do for a company. Elon Musk is a great CEO. He gets shite done. He will go down as one of the top entrepreneurs of his generation.
This post was edited on 5/22/13 at 8:00 pm
Posted on 5/22/13 at 8:21 pm to TheDiesel
It's interesting how these "funding" programs are perceived compared to, for example, NIH research grant programs. I don't know the number but the government gives (not loans) huge sums of money to ideas that have much lower likelihoods of success than solar/electric tech and even in the best cases are years farther behind these companies in terms of getting something to market.
What do you mean by "blatant failure"?
EDIT: Just looked it up. 2012 NIH budget was $31 billion.
What do you mean by "blatant failure"?
EDIT: Just looked it up. 2012 NIH budget was $31 billion.
This post was edited on 5/22/13 at 8:27 pm
Posted on 5/22/13 at 11:04 pm to rickgrimes
quote:
Goes to show what good management and vision can do for a company.
Or just borrowing the money from Goldman Sachs to pay off the government, but yeah, whatever.
Posted on 5/22/13 at 11:12 pm to GaryMyMan
quote:
Or just borrowing the money from Goldman Sachs to pay off the government, but yeah, whatever.
That's not what is really happening, though.
Tesla is offering more stock and Goldman may or not be facilitating that but there are no loans being given.
Posted on 5/22/13 at 11:32 pm to rickgrimes
Govt shouldn't be giving loans to pvt biz, picking winners and losers....good for tesla but I suspect the pe could've, would've picked up the slack - it's a good, practical idea.
Posted on 5/23/13 at 12:10 am to rickgrimes
Is anyone else as curious as I am about Telsa continuing this success? After all, the majority of the profit they posted was from selling green energy credits and not from selling cars. What happens when these government assistance programs run out?
Posted on 5/23/13 at 9:21 am to rickgrimes
How does a company that just turned its first profit ever have a market capitalization of over 10 billion?
Mind boggling to me.
Or am I just off base and that's not really that high considering the high dollar values of capital investments.
Mind boggling to me.
Or am I just off base and that's not really that high considering the high dollar values of capital investments.
Posted on 5/23/13 at 10:19 am to cwill
quote:
Govt shouldn't be giving loans to pvt biz, picking winners and losers....good for tesla but I suspect the pe could've, would've picked up the slack - it's a good, practical idea.
How the hell is giving a loan picking winners and losers? A loan is a catalyst.
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