Tesla's Shares Drop 15%

Discussion in 'Environment' started by westwall, Dec 30, 2010.

  1. westwall
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    westwall USMB Mod Staff Member Gold Supporting Member Supporting Member

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  2. Revere
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    Revere BANNED

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    The green energy bubble.

     
  3. daveman
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    daveman Diamond Member

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    When Tesla formally announced the Model S Sedan last June, the MSRP bandied was about $60,000 for the all-electric sedan. In its newsletter today, Tesla has confirmed that the "anticipated base price" for the Model S will be $57,400. With a federal tax credit of $7,500 available, however, the Model S should cost just $49,900. ​
    We gave Tesla almost half a billion dollars to develop a luxury sedan? WTF?!
     
  4. mdn2000
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    mdn2000 BANNED

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    Lithium is rare, Oil is not, why an electric car, what will the price of a battery be if we use all the Lithium for people in Los Angeles to commute to work three hours a day. It would be a better idea to create affordable, desirable high rise apartments where the jobs are.

    Government regulations and mandates create all problems.
     
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  5. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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  6. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Why taxpayers should be subsidizing a luxury car company is beyond all logic and decency.
     
  7. Trajan
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    Trajan conscientia mille testes

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    this was to enable the evil rich to show off their eco. awareness, while they were bashed for being the evil rich.....who would buy a "toy" elect. car for kicks.
     
  8. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    Um..it might be because several major car companies are now manufacturing electric cars.
     
  9. Trajan
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    Trajan conscientia mille testes

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    what is the list price for the car BEFORE rebate?
     
  10. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Follow the money, and the Big Government Cronyism becomes crystal clear:

    Independently, entrepreneur Elon Musk had been developing a business strategy to commercialize electric vehicles on a far broader scale, starting with a premium sports car aimed at "early adopters" and then moving as rapidly as possible into more mainstream vehicles, including sedans and compacts.[32] After his first meeting with Eberhard and Tarpenning, Musk took an active role within the company and oversaw Roadster product design;[33] in fact, Eberhard acknowledged that Musk was the person who insisted from the beginning on a carbon fiber body, and he led design of components ranging from the power electronics module to the headlamps and other styling cues.[34] In addition to his daily operational roles, Musk also became the lead investor, funding the vast majority of the Series A capital investment round of US$7.5 million with personal funds. Musk also became Tesla's Chairman of the Board, recruited JB Straubel to become chief technology officer and greatly expanded Tesla's long-term strategic sales goals to mainstream vehicles to be developed after a sports car.[35] Musk received the Global Green 2006 product design award for his design of the Tesla Roadster, presented by Mikhail Gorbachev,[36] and he received the 2007 Index Design award for his design of the Tesla Roadster.[37]

    Musk's Series A round included Compass Technology Partners and SDL Ventures, as well as many private investors. Musk later led Tesla Motors' Series B, US$13 million, investment round which added Valor Equity Partners to the funding team. Musk co-led the third, US$40 million round in May 2006 along with Technology Partners. Tesla's third round included investment from prominent entrepreneurs including Google co-founders Sergey Brin & Larry Page, former eBay President Jeff Skoll, Hyatt heir Nick Pritzker and added the VC firms Draper Fisher Jurvetson, Capricorn Management and The Bay Area Equity Fund managed by JPMorgan Chase.[38] The fourth round in May 2007 added another US$45 million and brought the total investments to over US$105 million through private financing.

    In December 2007, Ze'ev Drori became the CEO and President of Tesla Motors. In January 2008, Tesla Motors fired several key personnel who had been involved from the inception after a performance review by the new CEO.[39] According to Musk, Tesla was forced to reduce the company workforce by about 10 percent to lower its burn rate, which was out of control in 2007.[40]

    The fifth round in February 2008 added another US$40 million. Musk had contributed US$70 million of his own money to the company by this time.[41] In October 2008, Musk succeeded Ze'ev Drori as CEO. Drori became Vice Chairman. He left the company in December. By January 2009, Tesla had raised US$187 million and delivered 147 cars.[40][42]

    On May 19, 2009, Germany's Daimler AG, maker of Mercedes, acquired an equity stake of less than 10 percent of Tesla for a reported US$50 million.[43] In July 2009, Daimler announced that Abu Dhabi's Aabar Investments bought 40 percent of Daimler's interest in Tesla.[44]

    In June 2009 Tesla was approved to receive US$465 million in interest-bearing loans from the United States Department of Energy. The funding, part of an US$8 billion program for advanced vehicle technologies (Advanced Technology Vehicles Manufacturing Loan Program), supports engineering and production of the Model S sedan, as well as the development of powertrain technology that Tesla plans to sell to other automakers.[45] The low-interest loans are not related to the "bailout" funds that GM and Chrysler have received, nor are they related to the 2009 economic stimulus package. The Department of Energy loan program was created in 2007 during the George Bush administration in order to get more fuel-efficient vehicle options to U.S. consumers and to decrease the country's dependence on foreign oil.[46]


    Tesla Motors - Wikipedia, the free encyclopedia


    This is yet another case of Big Money being derisked by taxpayers, making a killing, and then leaving the taxpayers and retail investors holding the bag.
     

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