theodp writes:
By
the Los Angeles Times' reckoning, Elon
Musk's Tesla Motors, SolarCity, and SpaceX together have benefited
from an estimated $4.9 billion in government support. The figure
compiled by The Times, explains reporter Jerry Hirsch, comprises a
variety of government incentives, including grants, tax breaks,
factory construction, discounted loans and environmental credits that
Tesla can sell. It also includes tax credits and rebates to buyers of
solar panels and electric cars. "He definitely goes where there is
government money," said an equity research analyst. "Musk and his
companies' investors enjoy most of the financial upside of the
government support, while taxpayers shoulder the cost," Hirsch adds.
"The payoff for the public would come in the form of major pollution
reductions, but only if solar panels and electric cars break through
as viable mass-market products. For now, both remain niche products
for mostly well-heeled customers." And as Musk moves into a new
industry — battery-based
home energy storage — Hirsch notes Tesla has
already secured a commitment of $126 million in California subsidies
to companies developing energy storage technology.