Apparently after recent talks with the Energy Department, Musk decided he won't complete the loan application process seeking any more money. But he's still getting -- spending money from loans to his solar company and his rocket company. READ about his business track record excerpted after the break below, as reported yesterday in an investigative story from ABC news.
Obama fundraiser (and co-host with Ariana Huffington of an Obama inaugural bash in D.C.), Elon Musk: Tesla Motors, SolarCity and SpaceX CEO and/or investor and beneficiary of billions of dollars of government money.
This is the same man Obama's NASA heads have turned our U.S. national space program rocket building duties over to. What does he have to show for it? What has OUR money produced while our national space access capabilities are being dismantled??
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........"Its SEC filings offer a more sober assessment of the obstacles it faces on the road to profitability.
Tesla has yet to turn a profit and suffered net losses in each quarter. "Since inception and through the three and six months ended June 30, 2011, we had accumulated net losses of $522.8 million," its most recent 10-K form shows.
It has no experience in high-volume manufacturing of electric cars, its filings say -- the very project it sees as the road toward profitability. Tesla said it encountered "significant delays" in launching the Roadster - and acknowledges that developing the Model S will be a more complex undertaking. The newer car is the project financed by DOE.
"We have no experience to date in high volume manufacturing of our electric vehicles," Tesla's SEC filings say. "Our future business depends in large part on our ability to execute on our plans to develop, manufacture, market and sell our planned Model S electric vehicle."
The Roadster was produced in small quantities with the body assembled by Lotus in the United Kingdom and final assembly by the company at its facility in Menlo Park, Calif. The Model S, by contrast, will have much greater volume and be manufactured in Fremont, Calif. The company said production will begin next year.
Industry observers say Tesla's grand plan to launch the Model S is fraught with challenges.
"They want to scale up production from 1,000 cars a year to 20,000 cars a year, [and] that's going to be a very hard trick for them to do," said Alex Taylor, a veteran auto industry analyst and writer. "They want to make most of their own parts; Detroit can't do that because it's too inefficient. And Tesla wants to own its own dealerships. Henry Ford tried that back in the 1920s and gave it up because it was too difficult."...... Source
“The Fancy Golf Cart Blues”
Dead company walking, and another half billion down the sewer, thanks Bambi. You don’t have to read past the point that there going to build the car in California to know this Co. is DOA.
Tesla has even more questionable connections:
Tesla brings political pull, as well. A former Tesla board member, Steve Westly, is an Obama bundler who raised hundreds of thousands of dollars for the president in 2008 and for his 2012 re-election campaign. His Westly Group was also a financial supporter of Tesla Motors until Tesla went public in 2010, and Westly continues to back the company.
Tesla’s founder and CEO, Elon Musk, is a hearty political contributor who has primarily backed Democrats, including Obama. According to published reports, another Tesla investor is Nick Pritzker, a donor to Obama and a cousin of Penny Pritzker, the national finance chair of Obama’s 2008 campaign.
PING!