The Obama administration was due for a break after its string of Benghazi, IRS and other embarrassments. Tesla came to the rescue, declaring that it will pay off its $465 million federal loan nine years early.
The Obama administration was due for a break after its string of Benghazi, IRS and other embarrassments. Tesla came to the rescue, declaring that it will pay off its $465 million federal loan nine years early.
The all-electric luxury car company had been lumped in with bankrupt Solyndra as a foolhardy investment by President Barack Obama’s energy department. Mitt Romney called it a “loser” in the presidential campaign. But it has turned a profit faster than just about anyone except Elon Musk expected, and paying off the loan is especially satisfying.
Solyndra was a failure of the cleantech loan program — which was signed into law by George W. Bush, by the way. The solar company defaulted on its $527 million loan guarantee, and many say they saw it coming. But Tesla has had naysayers, too. That’s how it goes with venture funding. You win some, you lose some. The federal program has winners as well as losers, and the winners are creating jobs and reducing greenhouse gas emissions.
Tesla is a Silicon Valley company that’s taking advantage of our skilled labor by manufacturing cars in America, not China. We’re thrilled with its success. Although maybe not as thrilled this week as Obama.