Pub. 56 2015-2016 Issue 3

41 SPRING 2016 includes executive compensation and charges until 2020. In addition, Mr. Musk stated that the Model 3 needs to be in full production mode by the end of the decade [2020] to turn a profit under generally-accepted-accounting principles In 2013, Tesla Motor reported a “profitable first quarter because it took advantage of a “short squeeze” in its stock to raise more than $1 billion in fresh equity and used some of that money to pay off its entire low-interest loan from the U. S. Department of Energy. Tesla was profitable because it earned $68 million from selling Zero-Emission Vehicle credits to other automakers and a further $17 million from selling Greenhouse Gas emission credits. It also logged $11 million in warrant liability reversals along with $7 million in foreign currency adjustments.” John Voelcker, “Tesla Didn’t Make a Profit On Its Cars in Q1: Let’s Be Clear” May 29, 2013 www.greencarreports.com/ news/1084403 70 Id. § 2301.476(g). 71 Id. 72 Id. 73 Id. § 2301.001. 74 Id. §§ 2301.601 - 2301.613. 75 Id. § 2301.204. 76 43 TAC §§ 215.241 - 215.271. 77 Jeffrey Sparshott, Wall Street Journal, “The Wealthiest Households Claim 90% of Tax Credits for Buying Electric Cars,” (September 24, 2015–3:11 p.m. ET). The federal government offers up to $7,500 in tax credits to purchase an electric vehicle and “almost all of those benefits are going to the wealthiest U.S. households, according to an analysis by University of California, Berkeley, professors Severin Borenstein and Lucas Davis.” The article also states that “from 2006 to 2012, tax credits totaled $18.1 billion. Taxpayers with an adjusted gross income greater than $75,000 received about 60% of those credit dol- lars for energy efficiency, residential solar and hybrid vehicles, and about 90% for electric cars.” 78 Barbara Hollingsworth, “Obama’s Prediction of a Million Electric Vehicles on Road by 2015 Off by 72%,” www.cnsnews.com/print/882901 (February 2, 2015–5:51 p.m.). 79 Id. It begins when you discover new enhancements that unite and streamline every aspect of your marketing and operations. It continues when you collect your pass to the epic dealer appreciation party, as well as an iPad Mini 4 or gift card after you demo our solutions.* And it culminates with the power to drive transformative results across your digital dealership in 2016 and beyond. To start your NADA experience, visit go.dealertrack.com/NADA and sign up for your demo. *The Dealer Appreciation Party is open to Dealer.com and Dealertrack clients only. iPad and gift card quantities are limited. Conditions and restrictions apply. For full rules visit go.dealertrack.com/NADA. Join Dealertrack and Dealer.com in booth 1124C for the ultimate NADA experience. Connect , Collect , and Conquer . 1124C