Tesla Motors Story

....Tesla’s announcement that it had paid back its government loan made it sound like at least one of Obama’s crony capitalist Green Energy boondoggles was working the way it was supposed to.



Finally at least one green energy company wasn’t drinking the blood of taxpayers in its corporate offices and was actually making money selling things. It was the dawn of a new age.

Except it wasn’t.

The latest round of Tesla wonderment came when it reported its first quarterly profit earlier this month. TSLA stock darned near doubled in a week. Musk then borrowed $150 million from Goldman Sachs (shocking!) and floated a cool billion in new stock and long-term debt. That’s how we—the taxpayers—were repaid.

Tesla didn’t generate a profit by selling sexy cars, but rather by selling sleazy emissions “credits,” mandated by the state of California’s electric vehicle requirements. The competition, like Honda, doesn’t have a mass market plug-in to meet the mandate and therefore must buy the credits from Tesla, the only company that does. The bill for last quarter was $68 million......