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they had to know it would be years, if ever, before they even broke even on this thing. that reuters article makes it sound as though toyota has only recently started actually making a profit on the prius, and they've been around for years now.
$9000 of each Volt is subsidized by taxpayers as well. The car is a boondoggle and a shining example of what happens when government takes over a business.
A123 Battery IPO $20, today= twenty cents
(makes the Volt batteries http://www.crainsdetroit.com/article...evrolet-volt-s ) (AONE) sprang out of research labs at the Massachusetts Institute of Technology in 2001 and was founded with $100,000 in seed money from the U.S. government. More recently it received a $250 million federal stimulus grant to open factories in Michigan, which now complement its manufacturing facilities in Asia.
Just add the whole Volt deal onto the increasingly large pile of Obama's public equity FAILURES:
Raser Technologies - $33 million taxpayer-funded grant to build a power plant in Beaver Creek, Utah. According to the Wall Street Journal, after burning through our tax dollars, the company filed for bankruptcy protection in 2012. The plant now has fewer than 10 employees, and Raser owes $1.5 million in back taxes.
ECOtality - $126.2 million in taxpayer money in 2009 for, among other things, the installation of 14,000 electric car chargers in five states. The company’s president was in the first lady’s box during the 2010 State of the Union address as an example of a stimulus success story. According to ECOtality’s own SEC filings, the company has since incurred more than $45 million in losses and has told the federal government, “We may not achieve or sustain profitability on a quarterly or annual basis in the future.” The company's president is under investigation for insider trading as well.
Nevada Geothermal Power (NGP) - $98.5 million taxpayer loan guarantee in 2010. The New York Times reported last October that the company is in financial turmoil and that after a series of technical missteps there is significant doubt about the company’s ability to continue.
First Solar - $3 billion in loan guarantees for power plants in Arizona and California. According to a Bloomberg Businessweek report, the company “fell to a record low in Nasdaq Stock Market trading May 4 after reporting $401 million in restructuring costs tied to firing 30 percent of its workforce.”
Abound Solar, Inc. - $400 million loan guarantee to build photovoltaic panel factories. According to Forbes, in February the company halted production and laid off 180 employees.
Beacon Power - Beacon — a green-energy storage company — was given a $43 million loan guarantee. At the time of the loan, S&P had confidentially given the project a dismal outlook of ‘CCC-plus.’ ” In the fall of 2011, Beacon received a delisting notice from Nasdaq and filed for bankruptcy.
SunPower - $1.2 billion loan guarantee from the Obama administration, and as of January, the company owed more than it was worth.
Brightsource - $1.6 billion loan guarantee and posted a string of net losses totaling $177 million.
Solyndra — the solar panel manufacturer that received $535 million in taxpayer-funded loan guarantees and went bankrupt, leaving taxpayers on the hook.
Obama declared that all the projects received funding were based solely on their merits. However, 71 percent of these grants and loans went to individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party. As luck would have it, all these folks getting loans just happened to have raised $457,834 for Obama's campaign, and they were in turn approved for grants or loans of nearly $11.35 billion. Amazingly, Obama has said that it’s not the president’s job to make a lot of money for investors.
Anyone that supports this guy is either ignorant or you just don't care as long as your idol remains President.
$9000 of each Volt is subsidized by taxpayers as well. The car is a boondoggle and a shining example of what happens when government takes over a business.
A123 Battery IPO $20, today= twenty cents
(makes the Volt batteries http://www.crainsdetroit.com/article...evrolet-volt-s ) (AONE) sprang out of research labs at the Massachusetts Institute of Technology in 2001 and was founded with $100,000 in seed money from the U.S. government. More recently it received a $250 million federal stimulus grant to open factories in Michigan, which now complement its manufacturing facilities in Asia.
Earlier this year another American battery maker, Ener1, was bought out of bankruptcy by a Russian investor.
With the anticipated growth of electric cars, there's a saying in the industry that United States may trade its dependence on foreign oil for a dependence on Asian batteries.
Just add the whole Volt deal onto the increasingly large pile of Obama's public equity FAILURES:
Raser Technologies - $33 million taxpayer-funded grant to build a power plant in Beaver Creek, Utah. According to the Wall Street Journal, after burning through our tax dollars, the company filed for bankruptcy protection in 2012. The plant now has fewer than 10 employees, and Raser owes $1.5 million in back taxes.
ECOtality - $126.2 million in taxpayer money in 2009 for, among other things, the installation of 14,000 electric car chargers in five states. The company’s president was in the first lady’s box during the 2010 State of the Union address as an example of a stimulus success story. According to ECOtality’s own SEC filings, the company has since incurred more than $45 million in losses and has told the federal government, “We may not achieve or sustain profitability on a quarterly or annual basis in the future.” The company's president is under investigation for insider trading as well.
Nevada Geothermal Power (NGP) - $98.5 million taxpayer loan guarantee in 2010. The New York Times reported last October that the company is in financial turmoil and that after a series of technical missteps there is significant doubt about the company’s ability to continue.
First Solar - $3 billion in loan guarantees for power plants in Arizona and California. According to a Bloomberg Businessweek report, the company “fell to a record low in Nasdaq Stock Market trading May 4 after reporting $401 million in restructuring costs tied to firing 30 percent of its workforce.”
Abound Solar, Inc. - $400 million loan guarantee to build photovoltaic panel factories. According to Forbes, in February the company halted production and laid off 180 employees.
Beacon Power - Beacon — a green-energy storage company — was given a $43 million loan guarantee. At the time of the loan, S&P had confidentially given the project a dismal outlook of ‘CCC-plus.’ ” In the fall of 2011, Beacon received a delisting notice from Nasdaq and filed for bankruptcy.
SunPower - $1.2 billion loan guarantee from the Obama administration, and as of January, the company owed more than it was worth.
Brightsource - $1.6 billion loan guarantee and posted a string of net losses totaling $177 million.
Solyndra — the solar panel manufacturer that received $535 million in taxpayer-funded loan guarantees and went bankrupt, leaving taxpayers on the hook.
Obama declared that all the projects received funding were based solely on their merits. However, 71 percent of these grants and loans went to individuals who were bundlers, members of Obama’s National Finance Committee, or large donors to the Democratic Party. As luck would have it, all these folks getting loans just happened to have raised $457,834 for Obama's campaign, and they were in turn approved for grants or loans of nearly $11.35 billion. Amazingly, Obama has said that it’s not the president’s job to make a lot of money for investors.
Anyone that supports this guy is either ignorant or you just don't care as long as your idol remains President.
It's obvious to most of us (who understand basic math) that this pick and choose is less about stimulating the economy and more about scratching backs, greasing palms, and padding bank accounts.
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