Two electric and hybrid car companies largely owned by wealthy contributors to the Democratic Party have received nearly a billion dollars in U.S. government loans.
Tesla Motors received a $465 million government loan to make high-end electric cars. This week, Fisker Automotive, Inc., received a $529 million government loan to help build a hybrid car in Finland. Average people could never afford these cars.
Tesla was co-founded by Elon Musk, a big money DFL donor who made a fortune starting PayPal. Checking the contribution records at fec.gov, I see that the founders of Tesla and most of the car company’s investors are Democratic Party contributors with contributions to many Democrats, including President Barack Obama. I did not see hardly any contributions to Republicans.
About Fisker, from the article:
WSJ Article
The award this week to California startup Fisker Automotive Inc. follows a $465 million government loan to Tesla Motors Inc., purveyors of a $109,000 British-built electric Roadster. Tesla, like Fisker, is a California startup focusing on high-end hybrids, with a number of celebrity endorsements that is backed by investors that have contributed to Democratic campaigns.
Fisker’s top investors include Kleiner Perkins Caufield & Byers, a veteran Silicon Valley venture-capital firm of which (Al) Gore is a partner. Employees of KPCB have donated more than $2.2 million to political campaigns, mostly for Democrats, including President Barack Obama and Hillary Clinton, according to the Center for Responsive Politics, a nonpartisan group that tracks campaign contributions.
There you have it: more pay-for-play politics from the Democratic Party. It’s bad enough that Democrat contributors are getting massive loans to build cars that are not yet proven in the marketplace — and may fail — but they are getting loans to build cars that nobody but the rich can afford to buy. The Tesla sells for over $100,000 and the Fisker is expected to be priced at $89,000.
If this isn’t an example of the Democratic Party using taxpayer money to reward rich political contributors then I don’t know what is. And Al Gore stands to make even more money as he is a partner of the venture capital firm that co-owns Fisker Automotive.
Link to Al Gore’s page at Kleiner Perkins Caufield & Byers
What’s worse is that these cars aren’t even being built in America. Tesla makes most of its cars in Europe and it appears that Fisker will, too. Democrats are using taxpayer money to make loans to companies that won’t even use American labor.