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2012: The Year of Taxpayer ‘Green’ Waste

Submitted by Paul Chesser on Mon, 12/31/2012 - 09:50

Obama Invesco The past year was a dismal one for the passé idea that government would use taxpayer dollars responsibly, and that was nowhere more evident than with President Obama’s initiatives to promote “clean” energy technology companies and projects with so-called “stimulus” funds and other public money. NLPC reported extensively on some of the most egregious examples.

Taxpayer-Funded EV Company Abandons IPO It Thought Would Save It

Submitted by Paul Chesser on Mon, 09/24/2012 - 08:01

Frito Lay Electric Truck The failing British electric vehicle company that pretended to become an American one in order to save its U.K. investors has scrapped its planned initial public offering that it hoped would save it in Kansas City.

Smith Electric Vehicles, recipient of $32 million in taxpayer stimulus, had reportedly fantasized it would raise $76 million (down from $125 million) via an IPO by selling roughly 4 ½ million shares at $16 to $18 each. CEO Bryan Hansel bowed to reality Thursday night and rescinded those plans.

Taxpayer-Funded Electric Vehicle Maker Needs IPO Cash to Survive

Submitted by Paul Chesser on Wed, 09/12/2012 - 09:35

Frito Lay Electric Truck Smith Electric Vehicles, which is using $32 million in taxpayer stimulus to practically give away its delivery trucks to corporations like Frito-Lay (owned by PepsiCo), Coca-Cola and Staples, is hemorrhaging money anyway and now is looking to an initial public offering to pay off debts and try to survive.

The Kansas City Star reported last week that Smith cut its production expectations and warning it is running low on cash, citing filings with the Securities and Exchange Commission. The company announced nearly a year ago it would seek $125 million through an IPO, but now says it hopes to raise about $76 million at a stock price of $16 to $18, according to a Kansas City Business Journal report.

Infinite Taxpayer Money Needed for Electric Truck Company's Survival

Submitted by Paul Chesser on Fri, 04/20/2012 - 09:28

Frito Lay Electric Truck Despite a new report out of the United Kingdom that says the future of the business is bleak without government subsidies, a three-year-old unprofitable electric truck company that received $32 million in U.S. taxpayer stimulus plans to raise more money via an initial public offering.

Dismal Outlook for EVs on Both Sides of the Atlantic

Submitted by Paul Chesser on Thu, 01/19/2012 - 00:26

Nissan Leaf photo For electric vehicle enthusiasts with the “if you build it, they will come” mentality, who endorse endless taxpayer subsidies for plug-in automobiles and infrastructure to charge them, there’s bad news this week.

Frito-Lay/PepsiCo Cashes in On Electric Truck Subsidies

Submitted by Paul Chesser on Thu, 12/08/2011 - 11:01

Frito Lay Electric Truck

Last week Frito-Lay, the $12 billion snack foods division of PepsiCo, boasted it would add 10 all-electric delivery trucks in Orlando, Fla., as part of its plan to deploy 176 such vehicles in the U.S. and Canada by the end of year.

Did U.S. Taxpayers Boost Bailout of British EV Investors?

Submitted by Paul Chesser on Wed, 12/07/2011 - 08:34

white Coke can

NLPC readers by now have learned there is more than meets the media’s eye when it comes to the Obama administration’s “Green” initiatives, and specifically, the government-subsidized electric vehicle program. Particularly egregious might be how American taxpayers have helped save a troubled EV company in the United Kingdom for its burdened investors.

Ghosn: Nissan Business Plan Now Based on Government Subsidies

Submitted by Paul Chesser on Tue, 10/25/2011 - 09:09

While sales of the Chevy Volt languish, the maker of the all-electric and better-selling (but not great-selling) Nissan Leaf maintains that his company’s fortunes and that of his alternative vehicle have a promising future – with two big “ifs.”