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Tesla Gets New Deal on $465M Government Loan

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    ClimateDepot.com’s Marc Morano on Tesla restructuring its government loan’s terms.

  • Duration 4:19
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-- Tesla Motors already got a 465.

Million dollar loan from the federal government but now.

Sam is letting them restructure about loans terms to make sure.

They don't run out of cash you might remember the Tesla.

Was one of President -- -- pet projects so is the government jumping in at the last minute to save them and avoid an embarrassment.

Right before the election joining me.

More on this is mark run up founder of climate depot dot com bits.

You have this restructuring as a little suspicious what do you -- Yet does come -- at a time a month before the election at a time when.

The Department of Energy green stimulus has been a major campaign issue featured prominently in the first debate and even in the vice presidential debate.

So the -- big part of the Obama administration wishes to.

Neutralize if you well so the question as.

Why -- they restructuring this loan to Tesla Motors which by the way sailed a 30% below expectations they've had fourteen straight quarters.

Within -- 660.

Million dollars.

-- your are you ready for this drum roll please the CEO Elon Musk is claiming -- so they can make early payments to DO way -- that's what they're not that's what they're now claiming and the but many other analysts look at this very skeptically saying given.

The market for electric cars given the history of Tesla Motors.

-- that's a hard one to swallow to believe that they're this cash rich especially.

Given the decline did the disappointing sales and the lack of.

That's also you know it I think a lot of people also don't realize that what we are under reading you wouldn't be as taxpayers that -- we are underwriting here.

Is a 109000.

Dollar car yes when you go into the Tesla Sharon to -- one of these electric cars.

It's at the base price for the roadster is a 109000.

Dollars there's another sedan that's 97000.

Dollars in -- cheapest model.

Which -- to battery -- like three blocks from when have been guys.

Is 45000.

Dollars that's the cheap one.

But -- the equivalent of the American tax -- Who by the way I mean we are out of money the Arab world we just got the report today -- what the deficit is we don't have a dying to spare in this country.

And here we are underwriting these cars -- the -- years.

Our our plunking down a 100000 dollars and you can afford a 100000 dollar car why are you taking a tax credit from me and you for 7500 bucks can you explain.

-- -- Got people like Leonardo DiCaprio Hollywood is one of the owners in this when the other car -- -- -- karma has Al Gore is one of its owners.

The other idea of the car this is for the wealthy the elite is -- the -- these prices are before taxpayer subsidies resistance it's that it's an outrage when you look at that.

But what's significant here is video Hamas the CEO first what he's driven by fear global warming he's actually said CO2 will destroy large parts of the earth.

So he's an ideologue when it comes a global warming but he spent 480000.

Dollars lobbying.

That US congress.

Ended Washington to get a -- 65 million dollar loan that was the end result of it's that he's a pretty good investor to invest 180000 dollars.

For an -- and the few years.

But before that the DOE stimulus bill and then he gets this big bill yeah he's also just got ten million dollars in the state of California for opening the fact -- there this guy's worth two.

Billion dollars Elon Musk the CEO of Tesla Motors him you know.

-- why did he need our tax dollars YS EC's report found much money why does -- -- our tax dollars for his company.

Why did people you know who are buying got lucky if you wanna buy an electric car and spent a 100000 dollars on it that is your business.

But why do you need taxpayer dollars to do it I just think the average person doesn't realize that that's what these programs are all about that's for their tax dollars a gallon.

Yet.

And he's he's he's very good by getting that tax -- ten million and therefore to say five from the government.

And now.

As they go forward here the Washington Post as -- editorial electric cars saying.

If you build -- they won't come -- old adage of who killed the electric car well I think secretary to our energy secretary may have killed the electric car.

And that's what we're finding here at.

They the model after model across the board whether it's the -- they're all disappointing set of consumers aren't adjusted yeah.

Mark thanks for coming on have a great weekend.

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