After six years and no profit, Tesla Motors still had a pretty cool product to show for it: the all-electric, Lotus-cloned torque monster with a 200-plus mile range and a $100,000 price tag that is the Tesla Roadster. Last week, we told you about a deal with Toyota that was projected to change that whole "no profit" glitch, in which Toyota invests $50 million for an undisclosed share of the company, and Tesla, using a combination of that money and federal government cash, buys Toyota's defunct Nummi plant in California to build its cheap(er) Model S electric sedan. Turns out, though, that the much-hyped announcement may not be as solid as once thought. In fact, according to regulatory filings, the companies do not have a fleshed-out deal -- merely an agreement to make a deal in the future. And that Toyota stake in Tesla? Toyota would lose that money should Tesla fail to go public, as planned. Not to mention that Tesla's prospectus comes right out and says there may never be a point at which the two companies work together. Given the initial reaction to the deal when it was announced -- well-received, well-hyped, well-covered -- wouldn't the two companies realize it's probably a good thing to move forward, especially considering what Tesla and Toyota stand to gain (transmission technology and range technology, respectively)?
On the other end of funding news, EV manufacturer Fisker has announced that it now has the funding -- $189 million worth, in fact -- to secure a $528.7 million federal loan enabling it to produce its Karma electric sports car. The $89,000 ride has an all-electric range of only 50 miles, though it does have an electric generator that boosts range significantly. It also means Fisker can get to work on the affordable Nina concept, which is supposed to satisfy electric fans who don't have 90 grand to blow.
I won't get into this too much because a more comprehensive piece is being fleshed out at the moment, but aren't we far enough down the road with EV technology that companies don't have to create Porsche-priced sports cars, just for the purported trickle-down knowledge that somehow would allow them to build an affordable commuter? And if they can't figure out how to successfully run their business without government money, what chance do they stand once that money runs out?