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No agreement for US car bail-out
US politicians have told the crisis-hit "Big Three" carmakers to come up with their own viable recovery plan if they want a $25bn (£17bn) government rescue.
If the purpose of the $25 billion in credit is the same as the $25 billion bail-out - that is: the automotive industry is really big, and for that reason alone letting it go under is bad for the economy - then yes, Tesla has no place in that.
BANKING BOSSES BEWARE THE TOP HAT-AND-TAILS BEGGING GAME
NOTE to any more top businessmen thinking of skulking along to the government, tail between their legs, to beg for a handout – a quick audit of your own personal finances might not be a bad idea at all.
Take the plight of the three US carmaker giants who made their way to Washington on Wednesday to request support for a $25bn bailout of their businesses…on their private jets.
“It’s almost like seeing a guy show up at the soup kitchen in high hat and tuxedo,” one congressman told Ford’s Alan Mulally, Robert Nardelli of Chrysler and Richard Wagoner of GM.
“It kind of makes you a little bit suspicious.” Just minutes later, another representative came back for another gnaw of the bone. He asked for a show of hands for which of the chief executives flew commercial, retorting: “Let the record show – no hands went up”.
Then came the corker: which of the three planned to actually sell their jets and fly back commercial in the event of a bailout. “Let the record show – no hands went up,” echoed through the room again. Top dogs at RBS, Lloyd’s and HBOS beware…
The ATVM specified that the Department of Energy (DOE) should provide loans, loan guarantees and grants to new and existing automakers and suppliers to encourage development and speed delivery of next-generation cars – vehicles that meet higher standards for fuel efficiency and stretch technology beyond the internal combustion engine. The program aimed to provide “grants and loans to eligible automobile makers and component suppliers for projects that re-equip, expand, and establish manufacturing facilities in the U.S. to produce light-duty vehicles and components that make meaningful improvements in fuel economy performance.”
The ATVM program became a reality when funds were appropriated in late September to get the program off of the ground. Tesla Motors immediately began developing an application, proposing two advanced technology vehicle projects to be funded by DOE loans. The first project is an Advanced Battery and Powertrain Manufacturing facility that would supply batteries and components for Tesla cars and, more importantly, for other automakers. The second project would help us to finance a manufacturing facility to make our second vehicle, a five-passenger sedan known as “Model S.” We submitted our application to the DOE Nov. 16 – three days after the program became official.
Meanwhile, the macroeconomic environment deteriorated, and Detroit automakers scrambled to find a solution to quickly replenish their rapidly depleting cash reserves. October sales for nearly all large automakers plunged to near-record levels, prompting executives to consider strategically questionable mergers and even bankruptcy – moves they claimed would cost millions of jobs.