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Old 05-28-2013, 04:52 AM   #1
chuam
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Tesla repays federal loan nearly 10 years early

Tesla Motors announced Wednesday that it has repaid a $465 million loan from the government nearly a decade before it was scheduled to do so.

The electric-car maker received the loan from the Department of Energy in January 2010, and it made its first payment this past December. That began what was supposed to be a 10-year repayment program, but plans have changed.

Tesla (TSLA) reported itsfirst quarterly profit earlier this month, and Consumer Reports came out with a review calling the Tesla Model S thebest car it ever tested. Those two facts, along with a significant short squeeze, helped send the stocksoaring to record highs.

Tesla announced last week that it would sell additional shares of stock, and that founder Elon Musk would make a new $100 million investment as well. The company said it would use some of the proceeds to repay the loan this week.

"I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the [loan] program, and particularly the American taxpayer from whom these funds originate," Tesla co-founder and CEO Elon Musk said in a statement. "I hope we did you proud."

The early repayment ensures that Tesla won't join the loan program's list of high-profile failures.

Solar-panel maker Solyndra, which received a $527 million loan guarantee, filed for bankruptcy in 2011. And rival electric-car maker Fisker, which had a $192 million loan, missed its first scheduled repayment earlier this year and has essentially halted business operations.

The Department of Energy said Wednesday that losses in the loan program so far represent only about 2% of a $34 billion portfolio, and less than 10% of the $10 billion loss reserve Congress set aside in advance. Secretary of Energy Ernest Moniz called Tesla "living proof of the power of American innovation."

"When you're talking about cutting-edge clean energy technologies, not every investment will succeed -- but today's repayment is the latest indication that the Energy Department's portfolio of more than 30 loans is delivering big results for the American economy while costing far less than anticipated," Moniz said in a statement.

http://money.cnn.com/2013/05/22/auto...ent/index.html
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Old 05-28-2013, 05:38 AM   #2
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Re: Tesla repays federal loan nearly 10 years early

Sounds like they have come up with an impressive product.

http://www.caranddriver.com/reviews/...odel-s-reviews

"The 362-hp Signature model we drove, priced at $96,570 before a $7500 federal tax rebate, strained its leash with its prodigious electric muscles and flat-tracked through 80-mph sweepers directed by fast steering with piano-wire tension to the wheels. It pounced from an on-ramp like the jaguar on the hood of the Jaguars it resembles, hitting 100 mph with a whisper of electromotive acceleration. Tesla says the hottest model, the Signature Performance ($106,570), which has the largest available battery and produces the most torque, will hit 60 mph in the mid-fours."


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Old 05-28-2013, 07:37 AM   #3
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Re: Tesla repays federal loan nearly 10 years early

Hardly a success story. While the product itself is good, if you have that sort of money to spend, the loan repayment was a result of Central Banks intervention in the markets...artificially levitating prices.
The money was stolen from people who were rationally investing in what they believed to be a free market...and then given to the gov't.
A really good product will stand on it's own and doesn't need taxpayer money.
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Old 05-28-2013, 03:23 PM   #4
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Re: Tesla repays federal loan nearly 10 years early

Out of my price range and it doesnt have a bed in the back to haul stuff.I like the idea of not using fossil fuel though.
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Old 05-28-2013, 05:04 PM   #5
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Re: Tesla repays federal loan nearly 10 years early

Thinking person's luxury car?
Tesla, along with Mercedes, Audi and Volvo, are also at the forefront of auto-drive technology; cars that drive themselves and reputedly offer a very considerable improvement in vehicle accident reduction...apparently the 'next big thing'....
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Old 05-29-2013, 06:58 AM   #6
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Re: Tesla repays federal loan nearly 10 years early

How much energy does it take to charge the battery? How much VOC/waste is generated in manufacturing the battery? What impact will the battery cause in terms of disposal?

Why do Prius drivers always have O bumper stickers next to their code pink tags?

We should all be subsidized clean diesel - that's some stimulus I can get on board with.
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Old 05-29-2013, 08:02 AM   #7
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Re: Tesla repays federal loan nearly 10 years early

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Originally Posted by HARVESTER View Post
How much energy does it take to charge the battery? How much VOC/waste is generated in manufacturing the battery? What impact will the battery cause in terms of disposal?

Why do Prius drivers always have O bumper stickers next to their code pink tags?

We should all be subsidized clean diesel - that's some stimulus I can get on board with.
That "clean"diesel is a joke.EPA stuck their noses into things and now you have diesel trucks getting worse mileage and more engine problems because of the fuel and EPA required emmission equipment.Ford has a Ranger pickup with a 4 cyl.diesel that gets 40-50 mpg only sold in Europe!Doesnt meet EPA standards!Most diesel trucks 2002 and older will run on 100% biofuel.Not the new ones!A lot of 2002 and older diesels were getting around 20 mpg with the old fuel.Not now!My 2001 F-350 Dually gets 20 on the highway empty and about 17 pulling a 21 ft boat.Thats a stock truck!My buddy had a F-350 dually with a intake,exaust,and chip and outran Mustangs and Vettes and could program up to 27 mpg!Thanks EPA!I blend veggie oil, Kerosenegas,and some diesel kleen for about 1 buck a gallon.It runs my mileage up by about 1 mpg and smells like french fries cooking!
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Old 05-29-2013, 02:03 PM   #8
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Re: Tesla repays federal loan nearly 10 years early

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Originally Posted by OBLIGATED View Post
That "clean"diesel is a joke.EPA stuck their noses into things and now you have diesel trucks getting worse mileage and more engine problems because of the fuel and EPA required emmission equipment.Ford has a Ranger pickup with a 4 cyl.diesel that gets 40-50 mpg only sold in Europe!Doesnt meet EPA standards!Most diesel trucks 2002 and older will run on 100% biofuel.Not the new ones!A lot of 2002 and older diesels were getting around 20 mpg with the old fuel.Not now!My 2001 F-350 Dually gets 20 on the highway empty and about 17 pulling a 21 ft boat.Thats a stock truck!My buddy had a F-350 dually with a intake,exaust,and chip and outran Mustangs and Vettes and could program up to 27 mpg!Thanks EPA!I blend veggie oil, Kerosenegas,and some diesel kleen for about 1 buck a gallon.It runs my mileage up by about 1 mpg and smells like french fries cooking!
Clean Diesel is much better than no diesel - what green kooks really want. My point is diesel makes much more sense than electric right now. I'm sure advances will make the juice more practical, say 50 years from now but it doesnt even come close in terms of moving anything heavier than you or me from point A to B efficiently.

My 01 Dodge/Cummins was a peach as well. It ran, pulled, pushed and never complained - not even a waterpump went bad on that truck for the 5 years I owned it. I sold it with 130k miles and it probably has 500k by now.
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Old 05-30-2013, 12:39 PM   #9
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Re: Tesla repays federal loan nearly 10 years early

Harvester,You sold just as the motor was broke in!
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Old 06-03-2013, 04:51 PM   #10
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Re: Tesla repays federal loan nearly 10 years early

Tesla Model S May Sales Of 1425, Autodata Estimates

Caution...satire on the reasons why. The comments section is a lot more informative on why this company w/ no fundamentals is succeeding (at the moment).
Quote:
Curious why (formerly) government-subsidized, ultra-luxury battery operated car maker Tesla has a market cap of $10.6 billio (a little over 25% of GM's market cap). Here's a hint

AUTODATA ESTIMATES TESLA MAY U.S. MODEL S SALES WERE 1,425

Tesla’s First-Ever Profit Came Thanks To Selling Zero Emission Credits To Competitors, But It Insists It’s Not Dependent On Bartering CO2 Offsets


Carbon credits are public subsidization.
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Old 06-06-2013, 01:23 AM   #11
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Re: Tesla repays federal loan nearly 10 years early

The $9,800 41.2 MPG GM car you're not allowed to buy.

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How much is the EPA and DOT costing you?

One way to quantify this is to consider a car GM builds – but which you can’t buy. Well, not unless you move outside the United States – and beyond the diktats and fatwas of the EPA and DOT.

It is called the Sail – and GM makes it in China. It retails for 60,000 yuan – equivalent to about $9,800 in “federal” reserve notes.

Demand for the car is so great that GM plans to increase its exports of the Sail to countries like Chile and Ecuador by nearly 70 percent, according to a recent Reuters article (see here).

It just won’t be exported here.

And why?Sail inside

Those two federal agencies mentioned at the beginning of this story. These unelected and unaccountable bureaucracies have made it illegal – a criminal offense – to sell you a car like the Sail. Which, by the way, is neither primitive nor pathetic. The most recent design is a modern and aesthetically appealing sedan or five-door hatchback wagon with a Corvette-inspired “dual cockpit” dash layout. The car has AC, power windows, power door mirrors and a modern stereo with Bluetooth wireless and music streaming. It even has a leather-wrapped steering wheel.Sail 2

It would look at home on any road – and in any garage – in the Western world.

But what really sets the car apart is what’s under its hood. There, you would (if you could buy the Sail) find a high-efficiency 1.4 liter, 101 hp engine or (if you were allowed to choose) 1.2 liter, 85-hp engine that averages 41.2 MPG – easily meeting the 35.5 MPG fuel economy fatwa issued by the Feds, which goes into effect just two model years from now (2016). There is also a 1.3 liter turbo-diesel engine (Fiat-sourced!) on the roster of options.sail engine

It does even better.

Imagine that: A 40 MPG-plus car that costs less than $10,000 and which isn’t a flimsy/shoddy latter-day Yugo, either. It’s not the quickest thing on wheels – depending on the engine, zero to 60 takes 12-15 seconds – but it’s certainly adequate for A to B commuting and general knocking around. It’s only slightly less quick than a Prius C, hybrid – which takes about 11.3 seconds to get to 60 (and costs almost $20,000).

Unfortunately (for American car buyers) the Sail does not pass muster with current EPA emissions and DOT safety requirements.

Hence, it cannot be sold here....
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Old 06-06-2013, 10:35 PM   #12
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Re: Tesla repays federal loan nearly 10 years early

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Originally Posted by Marcus View Post
Hardly a success story. While the product itself is good, if you have that sort of money to spend, the loan repayment was a result of Central Banks intervention in the markets...artificially levitating prices.
The money was stolen from people who were rationally investing in what they believed to be a free market...and then given to the gov't.
A really good product will stand on it's own and doesn't need taxpayer money.
If this were the case we wouldn't have lead the world with the invention of the Internet, the computer, many specialized weapons systems and many many other insanely important products that have been developed with the partnership of government and business i. E. DARPA, and other government assets - including the governments super computer at a cost of $100 million which is used to help find cures for diseases among other projects.
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Old 06-06-2013, 10:55 PM   #13
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Re: Tesla repays federal loan nearly 10 years early

While it's understood that those products started off as gov't projects, IMO, it's a falsehood to imply that private industry would've never utilized/improved them w/o the gov'ts intervention. Certainly, you'd have to admit that the internet and computers would be nowhere they are today w/o the private industry?
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― Frederic Bastiat, The Law
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Old 04-16-2018, 06:31 PM   #14
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Re: Tesla repays federal loan nearly 10 years early

Glad I shorted them.

Tesla Temporarily Shutting Down Model 3 Production
:
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― Frederic Bastiat, The Law
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Old 08-25-2018, 04:47 PM   #15
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Re: Tesla repays federal loan nearly 10 years early

This F'er tweeted that he had secured funds to take the company private at $420/share. LIED. Stole millions or higher from people who were short the stock. Broke the SEC rules. It appears he's not being prosecuted. Justice?? Where?

It's Over: Tesla To "Remain Public" Musk Says In Friday Midnight Announcement
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