Elon Musk, whose Tesla Inc. was a major beneficiary of government stimulus in the wake of the last global financial crisis, has soured on the concept.
Before Tesla obtained the federal loan, Musk was clear: Without government support, the company — then a boutique maker of a $109,000 sports car — would have to delay the rollout of a less expensive electric sedan.“We can’t move forward with that without a major amount of capital,” the CEO said in a December 2008 interview. “If we don’t get any government funding, then what we need to do is we need to wait until the capital markets recover, which could be a year or two years from now.
Congress is now working on another stimulus package to help revive a U.S. economy ravaged by the COVID-19 pandemic.
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