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‘China rock,’ US full of ‘rights’

Tesla Inc. CEO Elon Musk speaks at an opening ceremony for the Model Y program produced by China in Shanghai, China January 7, 2020.

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Tesla and SpaceX CEO Elon Musk lamented the “titled”

; and “complacent” character of the people in the United States, and praised China’s “smart” and “hardworking people”, in the first installation of a three-part interview on Automotive News’ “Daily Drive” podcast published Friday.

Specifically, Musk has criticized New York and California – claiming to support its businesses, particularly Tesla, with minimal tax breaks, regulatory sanctions and other government assistance.

Car News publisher Jason Stein, who conducted the interview, asked Musk, “How is China as a leader in EV strategy around the world?”

Musk replied: “The stone is in my opinion. The energy in China is great. The people there – like a lot of smart, hardworking people. And they really are – they are not worthy, they are not satisfied, while being seen I’m in the United States with more and more fun and rights especially in places like the Bay Area, and LA and New York. “

Last year, Chinese government officials helped Tesla save nearly $ 1.6 billion in loans to build and start manufacturing vehicles at the company’s relatively factory. This year, the Shanghai government helped Tesla return to normal operation, at its new plant, after the region was hit by a Covid-19 outbreak and released widespread quarantines that temporarily suspended manufacturing there.

Musk said Telsa did not receive much help from the Chinese government as domestic companies there. “They are supported. But it would be strange if they were more supported by a non-Chinese company. They are not,” he said.

The enthusiasm of the mercurial Musk expressed for China is different from his expressed disdain for communism. In a tweet this Monday, Musk joked about social programs in general, and “Das Kapital by Karl Marx.”

During the Automotive News podcast, Musk also compared the US, California and New York to sports teams that will lose their winning status.

He said:

“When you have long won in the classification of things granted. The United States, and especially like California and New York, you have long won. When you have long won you take things So, like some pro sports teams they won a championship you know a bunch of times in a row, they get fun and they start to lose. “

Tesla and the states

Among U.S. automakers, “Tesla has had the least government support of any car company,” Musk said.

He was proud of Tesla’s repayment of a loan to the U.S. Department of Energy earlier in the schedule.

In June 2009, Obama Department of Energy awarded Tesla a $ 465 million loan to set up a vehicle assembly plant in Fremont, California, and to begin building its electric sedan, paid off. this of Model S. Tesla with interest in May 2013, nine years ahead of schedule.

The DOE’s small loan is small compared to the tens of billions of TARP loans that released General Motors and Chrysler in the financial crisis that began in 2008.

However, Tesla has benefited from other forms of U.S. government assistance According to a Los Angeles Times review, Tesla government assistance to the US exceeds $ 4.9 billion.

Tesla government support in California includes more than $ 220 million in sales and tax exemptions from the California Alternative Energy and Advanced Transportation Financing Authority, as well as zero emission vehicles and solar renewable energy credits granted by the state. The sale of these credential regulations has been a major factor in Tesla’s profitability over the past four quarters.

As CNBC and others report, the state of New York spent $ 959 million on a solar-panel factory in Buffalo, now run by Tesla, on a drive to bring in more than 1,000 at a high cost tech and manufacturing jobs in the state.

Tesla has not fulfilled its working obligations in New York to date. A filing this financial week revealed that Tesla has obtained a full year extension from the state to meet the head count requirement. Otherwise, Musk’s electric car and renewable energy adventure would have to pay $ 41 million to Empire State.

Tesla stock and sales

In the podcast, Musk also celebrates the fact that Tesla is now seen as a “legitimate” American and multinational automaker. As he became a top and underdog, Automotive News asked him what was going on with Tesla’s share price increase, reaching more than 240% this year, and whether Musk felt the need to manage the expectations of investors.

The CEO collapsed:

“It’s not like trying to massage the stock market or manage investor expectations. It’s just that. You know? At the end of the day, if you make good cars and the company is healthy and make good investors. products will be fun … If you make your customers’ products miserable then your investors will not be happy. “

Elon Musk, chairman and chief executive officer of Tesla Motors, spoke in front of a Tesla Model S electric car on day two of the 2010 North American International Auto Show in Detroit, Michigan.

Bloomberg | Bloomberg | Photos of Getty

He also gave this advice to other entrepreneurs:

“My advice, you know, in corporate America or companies around the world is spending less time on marketing presentations and more time on your product. Honestly it should be as something taught in schools of business. Put that spreadsheet and PowerPoint presentation on and go and make your product better. “

He also predicted that online car sales, and the delivery of vehicles directly to consumers, rather than car sales through stores or traditional dealerships, would be more than a norm. , after Covid-19.

Tesla saw “strong orders through the entire pandemic,” Musk said. Tesla delivery declined about 5% for the second quarter of 2020. Due to the effects of Covid-19, most other automakers saw sales fall by more than 30% over the same period. The CEO concluded, “Having a traditional entrepreneurial situation I think seems unnecessary and I think is probably only fueled by that pandemic.”

Tesla shares closed 3.8% on Friday, but have been spectacularly running this year despite global coronavirus outbreaks and the start of a recession.

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