“Where’s MY Loan?” Electric Carmaker Asks

As the Big Three carmakers prepare to make like Winnie the Pooh and help themselves to a generous helping from the bailout honey pot, luxury electric sports carmaker Tesla Motor announced that if it doesn’t get a $350 million U.S. government loan, it will delay the launch of its Model S four-door sedan.

Tesla’s government loan would come from the $25 billion pot created by Congress in September to encourage carmakers to develop clean car technology. Lawmakers are poised to siphon off $15 billion of that money just to help Chrysler and GM make it through the year.

The Tesla loan would help develop an all-electric car with a $57,499 price tag (federal tax credits will reduce the price to $49,999) and a range of 250 miles on a single charge. Without the loan, Tesla says it won’t open a $250 million manufacturing plant in San Jose; instead, it will just wait for the financial crisis to play itself out.

If the Big Three carmakers can get $15 billion, why not loan Tesla $350 million? The technology seems more promising than what we’ve seen come out of Detroit for decades.

Speaking of electric vehicles, the Big Island has Big Plans to build a network of electric vehicle charging stations in the state of Hawaii ⎯ an estimated 70,000 to 120,000 charging stations by 2012. Hawaii is perfectly positioned to lead the charge on electric vehicle travel, thanks to a small landmass where most trips are short ones. Plentiful wind, wave and solar energy can supply all the renewable energy their electric grid can handle.

Which government loan has more merit ⎯ the $15 billion loan to experienced carmakers who have resisted making hybrids or electric cars for decades, or a $350 million loan to upstart Tesla, a company that’s placing its faith in a new and untried technology to make a vehicle that many middle-class Americans could never afford?

Tags: auto bailout, electric car bailout, electric car companies

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