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July 28, 2016

Bill McKibben Says Taxpayer-Backed Tesla Is Next Henry Ford

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Bill McKibben, a devoted champion of the Environmentalist Left, was quoted gleefully comparing Elon Musk to the iconic American industrialist Henry Ford.

The New York Times reports:

Musk devotees say his great talent is taking green-energy ideas, which others have long discussed in theory, and turning them into realities. “He makes a reasonable bid to be the Henry Ford of this era,” said Bill McKibben, the environmental activist and author. “He’s trying to kick off the mass market for renewable energy.”

The problem with comparing Musk to Ford begins with a recent article highlighting the fact that Musk’s passion project, Tesla Motors, has never turned a profit.

The Wall Street Journal reports:

Since it went public in 2010, Tesla has never turned a profit based on standard accounting. In 2013, it lost $2.26 a share, though on a non-GAAP basis, it earned 78 cents a share. In 2014, it lost $2.36 a share

Musk hasn’t had to worry about profits, though, because his company has been fueled by billions in American tax dollars.

Tesla Motors Inc., SolarCity Corp. and Space Exploration Technologies Corp., known as SpaceX, together have benefited from an estimated $4.9 billion in government support, according to data compiled by The Times. The figure underscores a common theme running through his emerging empire: a public-private financing model underpinning long-shot start-ups.

With Democrats Like Hillary Clinton, the Environmentalist Left and oblivious taxpayers keeping Musk afloat , Tesla’s crony capitalism stands in stark contrast to how The Ford Motor Company turned a profit the same year of incorporation:

With 12 investors and 1,000 shares, the company spent almost all of its $28,000 cash investment by the time it sold the first Ford Model A on July 23, 1903. But by October 1, 1903 Ford Motor Company had turned a profit of $37,000.