Posted on 07/23/2015 2:23:17 PM PDT by dontreadthis
Tesla Motors has earned more than $295 million in green subsidy emission credits during the past three years for a battery-swapping technology customers weren’t getting, a Watchdog investigation reveals.
In fact, the electric car company, owned in part by billionaire Elon Musk, may have earned credits up to nearly half a billion dollars in value from the 11 states that use the Zero Emission Vehicle barter as part of a green auto industry mandate. California created the program and leads the pack, doling out $173 million in credits to the Silicon Valley-based Tesla.
Tesla claimed the credits between 2012 and mid-2014 — part of a program designed to encourage the carmaker to promote its new battery-swap technology. The program did not require evidence the company actually provided the service.
“What they were getting (the credits) for was the demonstration that they had a workable technology. And they do,” said Dave Clegern, spokesman for the California Air Resources Board. “It was demonstrated (by Telsa). They had it at a Tesla facility in California; we went there and saw it.”
That demonstration was in 2012, the same year Tesla started selling its Model S sedan. For each car Telsa sold, it received four ZEV credits plus an additional three credits for being part of a rapid refueling program. Each credit is worth about $4,000, Watchdog found.
(Excerpt) Read more at watchdog.org ...
I want all those Elon groupies to tell us again what a great guy he is....The man knows how to steal money like every other good demorat
Our tax dollars have been stolen by cronies of Obama under the cover of environmental protection.
Elon Musk is a genius. I don’t even think he’s all that political, but how can you not pick up a $300 million dollar bill that’s dragged in front of you?
This is Solyndra without the inside deal—it’s just idealistic incompetence on the part of government.
Backing out this payment makes TSLA’s P/E and other financial metrics even more outlandish.
On the other hand, I have a conservative friend who owns a Tesla Model S precisely because it has ungodly acceleration. Of course, the way he drives it, he only gets 100 miles per charge.
It’s good to be a crony capitalist. The stupid people will support their profit requirements. Drinks all around bar keep.
I used the Tesla battery swap at Harris Ranch CA.
It cost $80.
Swapped batteries going from LA to Sacramento.
Swapped again on the way back.
Total cost was $80.
NO, all the good little marxist telling what a robber baron/cronny capitalist an industrialist who has created over 20k high paying jobs, about half of which are blue collar jobs.
Elon did not create the regulatory environment of automotive industry. These rules were lobbied for by the legacy auto industry. Mainly GM,Toyota and Nissan.
Tesla has to pay all the taxes and abide by all the stupid rules imposed on it by the CA and Federal government. It would by negligent of the Tesla leadership to leave $300M on the table.
Both of his companies get massive amounts of tax funds.
I like Elon Musk’s ideas, but he should have to compete in a free market, not depend on crony capitalism.
$300 million pays a lot of paychecks, but too bad the money was taken from other taxpayers to do it. You just advocated for communism whereby everyone is taxed to pay the salary for others.
The Tesla Motor Company has taken PLENTY of government money.
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