As it continues to defy common sense and the laws of economics with its lofty stock price, Tesla has again shown it has little corporate competence in the ability to deliver a consistently functional product that satisfies customers.
The latest evidence comes in the recently rolled out Model X, which is allegedly an SUV, but looks like just another car. Retailing at a price only the extremely wealthy can afford ($138,000), the all-electric follow-up to the similarly troubled Model S automobile has stumbled out of the gate. The problems were outlined in a Consumer Reports article posted online Tuesday, which spurred a number of similar follow-up stories in other media, and temporarily caused Tesla’s stock to dip. Long-time followers of the company know that is only a temporary condition, however.
Nonetheless those who actually own a Model X – as opposed to those who own a certificate of … Read More ➡
A move by lawmakers in the state of North Carolina, which overturned a Charlotte ordinance that allowed individuals who claimed to be transgendered to use public rest rooms and shower facilities of their choosing, has drawn criticism from dozens of major corporations.
The City Council in February ordered that all public buildings, including schools, must permit persons to legally access rest rooms matching their gender “identity,” regardless of their biological sex. Even more tyrannical, the government decreed that all private businesses must make the same accommodations. As a result, the North Carolina General Assembly called a special session to pre-empt the April 1 implementation of the Charlotte ordinance, while at the same time allowing for businesses and local agencies to determine their own policies free and independent from the diktat.
“Council members decided to trample on the rule of law and the privacy rights of the vast majority of … Read More ➡
Wall Street, media and government darling Tesla Motors has seen its stock price nearly halved from seven months ago. For so long it has seemed that ongoing bad news never had an effect on the heavily subsidized upstart, but now perhaps the Teflon is eroding off CEO Elon Musk.
The precipitous, rapid descent preceded last week’s horrid earnings report. USA Today helped smear lipstick on the pig, cheerily noting shares rose “14 percent at one point” after its earnings “miss” on Wednesday, because Musk delivered investors a "rosy outlook for the rest of 2016." This was in context of what the newspaper characterized as a “whopping loss” that “badly missed estimates.”
That's the history of earnings reports with Tesla and Musk. The CEO with perpetually sanguine expectations never fails to deliver promising forecasts following dismal earnings reports, despite promises that are often not delivered.
Now he’s got crashing … Read More ➡
The influx of giant technology companies into North Carolina to build artificially “green and clean” data centers, which they say are powered by their nearby solar farms, has led to a revelation that discredits their claims.
The stunning admission: that electricity derived from solar sources is thoroughly unreliable.
The information was unearthed in a report last week by Carolina Journal, a publication of the conservative John Locke Foundation. In a filing with the state’s Utilities Commission, a solar company affiliated with Google reported that the trustworthiness of the energy produced by its proposed facility would be non-existent.
“Solar is an intermittent energy source, and therefore, the maximum dependable capacity is 0 MW,” wrote Rutherford Farm LLC, a subsidiary of Strata Solar, in its May 2013 application to the North Carolina utility regulatory agency.
In November Duke Energy announced that Google would be its first participant in its “Green … Read More ➡
A foreign renewable energy company, that U.S. taxpayers hold a major stake in via the Department of Energy Loan Program Office, is imperiled by massive debt and has begun the process of negotiating with its creditors as a prelude to possible bankruptcy.
The company is Abengoa, based in Spain, which reportedly holds 887 subsidiaries around the world. Reuters reported at the end of last month that investors declined to provide needed capital for the firm, which led to what is called, under Spanish law, “pre-insolvency proceedings.” That entails a four-month attempt to alleviate debt burdens. If that falls short, then formal bankruptcy proceedings would likely follow, which would be Spain’s largest in history. Effects would ripple globally.
Several international banks have investments at risk, to the tune of about $21.4 billion, according to Reuters. American taxpayers could be on the hook for $2.34 billion, which is the amount of debt … Read More ➡
For years NLPC has reported that the “market” for electric vehicles was anything but free and competitive against traditional gasoline-fueled automobiles. Instead it is “all hype and subsidies.”
The evidence could not be any clearer than what has happened in Atlanta. As Watchdog.org has reported, since a $5,000 state tax credit expired on July 1, sales of “zero-emission” electrics such as the Nissan Leaf have plummeted. Whereas monthly sales averaged 915 in 2015 until the year’s midpoint, sales in the month of August fell to 148, according to vehicle registration data compiled by R.L. Polk & Co.
“It was essentially taking money that would have been paid into taxes in Georgia and a subset of people were getting their car paid for,” said state Rep. Chuck Martin, a Republican, to Watchdog.org.
The steep drop was expected after the tax credit expired, but gasoline prices that are approaching $2 per … Read More ➡
One of the stimulus-funded alternative energy companies that National Legal and Policy Center reported about most the last few years was A123 Systems, which the Department of Energy awarded $279 million to crank out special batteries for electric vehicles.
The examples of government failures in picking successes in industries and economies are countless, with President Obama’s plan for subsidies of a million electric cars on U.S. roads by 2015 serving as Exhibit One. He was only off by several hundred thousand.
But that doesn’t mean that vultures can’t consume the carcasses left behind, which is exactly what the Chinese did with A123. As Bloomberg reported last week, the multinational automotive parts corporation Wanxiang Group is running the company to try to meet market demands and is “having better luck.”
Whether “fortune” is leading A123 to an ultimately healthier place is still undetermined, but Wanxiang … Read More ➡
Giant technology companies who deliver much of their services via “cloud” computing – such as Apple, Google, and Facebook – have claimed for years that they generate the massive amounts of electricity they need from renewable sources, despite their obvious dependence on fossil fuels.
For example, Apple has said it has “achieved 100 percent renewable energy at all of our data centers,” but as NLPC has reported and an investigation by liberal Web site Truthout.org confirmed, Apple does not power its servers with “green” alternative energy. Instead – as in the case with its western North Carolina facility – Apple sells the power from the solar farms and fuel cells it owns in NC to utility Duke Energy, and also buys renewable energy certificates (or “indulgences”) to “offset” the carbon dioxide emissions its electricity produces.
“Purchasing offsets is not the same as actually powering something with renewable … Read More ➡
Imagine a product that performs so well, that an evaluator says it busted through the top of its grade scale, yet that same scorer can’t recommend the product due to issues of reliability.
That would be a seeming disconnect in the real world, but in this case we are talking about the immortal Tesla Model S. The illogical appraiser is Consumer Reports.
Two years ago the media enthusiastically reported how the all-electric luxury vehicle scored a 99 out of 100, as measured by conscientious buyers’ favorite magazine. Then, two months ago, CR’s researchers were even more ecstatic after their follow-up tests, and awarded the Model S a score of 103. Green-minded journalists were over the moon.
“This is a glimpse into what we can expect down the line, where we have cars with the performance of supercars and the comfort, convenience and safety features of a luxury … Read More ➡
The painful and fruitless existence of Smith Electric Vehicles, waster of $32 million in U.S. taxpayer funds, has been extended after yet another near bankruptcy.
The Kansas City electric delivery truck manufacturer, whose actual business negotiates in government grants, tax breaks and other subsidies – rather than a product anyone actually wants to pay for – had announced at the end of September, via its British investor Tanfield Group, that it needed to raise $4.5 million by October 2nd and $10 million by the end of the month. Without the cash infusion, Tanfield said, “the company is likely to be forced to seek protection under US bankruptcy laws or close down its operations.”
Yesterday Tanfield notified its own investors that Smith Electric had “raised a loan” of $2.9 million thanks to help from – as you might guess – a Chinese manufacturer, FDG Electric Vehicles Limited… Read More ➡