Internal CEO fighting and hemorrhaging bank accounts from trying to sell a $92,000 electric car that cost $140,000 to make, instantly put Tesla Motors on Obama’s radar as the perfect money pit for $465 million of taxpayer funding.
(Daily Green) Tesla is getting more interesting by the day. Here’s a company that was basically flat on its back [...] And now Tesla is in fast company. The Department of Energy (DOE) announced June 23  that Tesla was one of three recipients — with Ford and Nissan — of $8 billion in advanced technology loan funds. Tesla will get $465 million.
One year later, fueled by hope and change, Tesla becomes another government Midas touch poster child:
(Daily Caller) PALO ALTO, Calif. (AP) — Electric car maker Tesla Motors Inc. said Tuesday that its third-quarter loss widened to $34.9 million as it sold fewer cars than a year earlier and it spent significantly more on research and development for its upcoming Model S sedan.
Tesla lost $34.9 million in the third quarter, compared to a loss of $4.6 million a year earlier.
The company’s loss per share fell to 38 cents from 66 cents because of higher share counts. Tesla conducted an initial public offering June 29.
Tesla said its quarterly revenue fell 31 percent to $31.2 million as sales of its $101,500 Tesla Roadster electric sports car fell by nearly half to 19,457 vehicles.
Tesla said it spent $26.7 million on research and development during the quarter, compared with $1.3 million a year earlier.
The launch of Tesla’s lower-priced Model S sedan remains on track for mid-2012, the company said. It plans to make the Model S at the former New United Motor Manufacturing Inc. plant in Fremont, Calif., which it has purchased.
The plant was built and operated as a joint venture between General Motors Co. and Toyota Motor Corp.
Yeah, we’ve seen what happens when Toyota and Tesla join forces.
(Tesla in red, a silver Toyota Prius, and we’re told a VW is on top.)
I know, I know… mainstream media, the White House administration lap dogs, are reporting Government Motors (GM) is ‘profitable’ and ‘repaying’ part of its $40 billion bailout. Let’s briefly put those claims under a microscope.
(Daily Caller) It will be a long time before General Motors Co. can shake the stigma of being called Government Motors. Here’s another nickname for the bailed-out automaker: Goodwill Motors.
Sometimes the wackiest accounting results are the ones driven by the accounting rules themselves. Consider this: How could it be that one of GM’s most valuable assets, listed at $30.2 billion, is the intangible asset known as goodwill, when it’s been only a little more than a year since the company emerged from Chapter 11 bankruptcy protection?
That’s the amount GM said its goodwill was worth on the June 30 balance sheet it filed last month as part of the registration statement for its planned initial public offering. By comparison, GM said its total equity was $23.9 billion. So without the goodwill, which isn’t saleable, the company’s equity would be negative. This is hardly a sign of robust financial strength.
GM listed its goodwill at zero a year earlier. It’s as if a $30.2 billion asset suddenly materialized out of thin air. In the upside-down world that is GM’s balance sheet, that’s exactly what happened.
Mainstream media conspiracy: HERE
$700,000 cow burp study: HERE
$700,000 joke-telling software: HERE
$700,000 climate change theater: HERE
Jesse Jackson, ‘We need more stimulus’: HERE