Article Image
News Link • Energy

Elon Musk hits back at coal baron who called him a 'fraud' over green subsidies

• https://www.theguardian.com

Tesla founder Elon Musk has hit back against the CEO of a coal power company who accused him of fraud.

Robert Murray, an outspoken Donald Trump supporter and the CEO of the Murray Energy Corporation – America's largest coalmining company – went after Musk on CNBC's Squawk Box on Monday and called Tesla "a fraud".

Tesla fights back as Michigan goes to new lengths to shut company out

Read more

"[Musk]'s gotten $2bn from the taxpayer, has not made a penny yet in cashflow," Murray continued. "Here again: it's subsidies."

In response, Musk tweeted that the real fraud going on was "denial of climate science".

"As for 'subsidies', Tesla gets pennies on dollar vs coal. How about we both go to zero?" he said.

Tesla does not, in fact, receive direct government subsidies but does receive money for selling "carbon credits" to other companies whose vehicle fleets don't meet emissions standards in states such as California.

Buyers of Tesla vehicles also currently receive a $7,500 tax credit from the government, but that is an incentive subsidy to the purchaser, rather than to the company itself.

The last handout from the government that Tesla received was $465m as part of the auto industry bailout in the early days of the Obama administration, which the company paid back in full nine years early, in 2013.

World Bank says Paris climate goals at risk from new coal schemes

Read more

The coal industry, by contrast, receives billions of dollars in taxpayer subsidies, as well as preferential treatment from the Internal Revenue Service, according to an investigation by ThinkProgress.

1 Comments in Response to

Comment by Charlie Patton
Entered on:

"Buyers of Tesla vehicles also currently receive a $7,500 tax credit from the government, but that is an incentive subsidy to the purchaser, rather than to the company itself." What bullshit. The money ends up in Tesla's pocket regardless of who the government launders it through. Much of it represents money that Tesla would not have otherwise gotten, from customers who would otherwise have been unable to purchase a Tesla car. This is entirely different from school vouchers, which offset the taxes people pay to support the default tax-funded schools they are not using. There is no default tax-funded auto dealer.


Join us on our Social Networks:

 

Share this page with your friends on your favorite social network:


Stop Wars T-shirt at The Bitcoin Store