Fox News and Fox Business previously portrayed electric carmaker Tesla Motors as another "failure" of the Obama administration's green energy investments. But since it is now clear that the company is doing well, both networks have developed amnesia about its federal loan, with Tucker Carlson claiming that "they don't take any government subsidies at all."
Tesla recently reiterated its plans to repay a loan granted through the Department of Energy's Advanced Technology Vehicle Manufacturing program ahead of schedule. This followed a series of positive developments, including the company's first quarterly profits and a shining review of the Model S sedan by Consumer Reports. Financial services firm Morgan Stanley recently told Raw Story that "Many funds approach an investment opportunity by first asking: does the company do something better or cheaper than anybody else? Tesla is beginning to convince the market it may do both."
But no matter how Tesla fares in the coming years, it seems likely that Fox News will change its reporting to follow suit. In 2012, Fox News' claim that Tesla was a "failed" company was eventually adopted by the campaign of then-presidential candidate Mitt Romney. Later, Fox News admitted Tesla was a "success", eventually forgetting its federal loan in the process.
Video created by Max Greenberg and John Kerr.
The success of Tesla Motors complicates Fox News' narrative about green energy investments, but the network has a strategy: simply ignore the fact that the company received a federal loan.
Tesla, a leading electric automaker, received a $465 million loan guarantee from the Department of Energy's Advanced Technology Vehicles Manufacturing (ATVM) program in 2010. The company has since become a fixture in car magazines and one of the most conspicuous successes of the Obama administration's green energy policies, recently announcing that it intends to pay back the loan five years ahead of schedule and reporting its first quarterly profits. On the heels of the latter news came word that the notably tough reviewers at Consumer Reports had given the Tesla Model S sedan a 99 out of 100 rating, proclaiming "we've never seen anything quite like the Model S. This car performs better than anything we've ever tested before."
On Friday, Fox News reported the quarter one profits -- "encouraging" -- and the positive review, pronouncing the automaker a "huge success."
One major problem: somehow, Fox News neglected to mention the federal loan guarantee program that helped Tesla obtain vital capital to develop the Model S. By contrast, Fox News has repeatedly used a negative Consumer Reports review of Fisker's hybrid electric Karma sedan as a hook to attack the Obama administration's green loans, without mentioning successes like Tesla or the money that Congress set aside to cover losses, knowing that not every company would succeed.
From the December 14 edition of Fox News' Fox & Friends First:
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Fox News revealed its closing argument against President Obama, which consisted of a falsehood-laden attack on the president's record.
Fox News and The Daily Caller are promoting the baseless charge that the Obama administration illegally ended a pension plan for workers at Delphi, an auto parts maker, because the workers weren't union members.
The Daily Caller alleges that emails it has obtained show that the Obama Treasury Department was the "driving force" behind the decision to end the Delphi pension plan, instead of the independent federal agency that insures pensions, called the Pension Benefit Guaranty Corp. (PBGC). And Fox News has made the same charge. But the emails show nothing of the sort.
The email exchanges come from PBGC employees in 2009, when the government-led rescue of the auto industry was being carried out.
In reality, the emails are so far removed from their context that it's impossible to draw definitive conclusions about them, but the Daily Caller does its best to fill in the blanks by doctoring quotes and ignoring inconvenient information.
Only one of the 16 emails comes from a Treasury Department employee, and it doesn't show pressure to terminate the Delphi pension. In fact, unions aren't mentioned at all in the emails.
Fox has devoted several segments to hyping the cooked-up story. For instance, today, Fox's Lauren Simonetti appeared on Fox & Friends First and claimed that "all along, Treasury and White House officials have claimed that the pension decisions were made by the independent Pension Benefit Guaranty Corporation. Key officials even testified to that under oath. The emails recently obtained by The Daily Caller show that's not the case."
Previously, the Daily Caller reporter who wrote the story, Matthew Boyle, appeared on the August 7 edition of America Live to claim the emails "prove beyond a shadow of a doubt" that the "Obama administration political officials were the ones who ultimately made the decision, coercing the PBGC officials into terminating the pensions of these non-union workers."