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The Tesla Name is Sullied May 27, 2013 9:00 AM | Tagged as Cronyism, electric car, Tesla

WSJ May 24, 2013, page A12– The Other Government Motors (editorial)

Nicola Tesla, the Serbian born genius who invented the basics of alternating current and who was honored in 1960 (17 years after his death) by having his name used to measure magnetic field strength, is having his name sullied.

After Solyndra, Fisker, and a host of other green economy “bombs” dropped by the Obama administration, the truth is now coming out about the alleged Obama great success, the Tesla Motor Company.

The current administration, with help from the popular media, is promoting the Tesla Model S as the great and grand poobah of how we can make great electric cars and shareholder can make money. However, the data, as discussed in detail by this editorial, shows otherwise. To date, Tesla has sold less than 10,000 cars. Could the $70,000 price tag have something to do with that?

The truth is Tesla Motors has been propped up by a large assortment of federal and state tax subsidies. Essentially, shareholders owe their new found wealth to the middle class tax payers of the United States. These shareholders range from already wealthy venture capitalists to silicon-valley billionaires and even the Abu Dhabi Water and Electric Authority. This Arab electric utility just booked $113 million in profit after (wisely) selling its shares. The Biz Bucks Guy hopes this Arab government sends a thank you card to the middle class taxpayers of the US.

Does anyone wonder why the US taxpayers are funding a company that builds cars that only rich people can afford to buy, which ultimately lines the pockets of already wealthy shareholders around the world?  The media portrayed Tesla himself as the quintessential mad scientist until his contributions were better understood and his good name restored. Let’s hope the car carrying his name does not tarnish his posthumously earned good image.

[See a prior Biz Bucks Blog entitled Once Again, Green Has Gone Wrong (March 12, 2013).]


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