Vivek Ramaswamy, the newly nominated co-lead of the Department of Government Efficiency or DOGE, has intensified his criticism of the President Joe Biden administration's electric vehicle loans, targeting a $7.5 billion loan to StarPlus Energy, a joint venture involving Stellantis N.V. (NYSE:STLA), just days after questioning a $6.6 billion loan to Tesla Inc. (NASDAQ:TSLA) rival Rivian Automotive Inc (NASDAQ:RIVN).
What Happened: "Biden's midnight spending spree is illegitimate & should be rescinded," Ramaswamy wrote on X on Tuesday, pointing to the Department of Energy's latest loan announcement.
The timing is particularly notable as it comes amid leadership turmoil at Stellantis, following CEO Carlos Tavares' abrupt resignation on Monday over "different views" with the board.
Ramaswamy specifically highlighted concerns about the Advanced Technology Vehicles Manufacturing (ATVM) loan program, noting that the Government Accountability Office had recommended its termination in 2014 for being duplicative. "Instead Biden expanded the program, allowing ~$55BN to be squandered under the Inflation Reduction Act," he stated.
Biden's midnight spending spree is illegitimate & should be rescinded. The Department of Energy just announced a staggering $7.5BN loan to StarPlus, a JV that includes Stellantis (whose CEO resigned just yesterday). The money comes from the ATVM loan program, which the GAO called...
— Vivek Ramaswamy (@VivekGRamaswamy) December 3, 2024
Why It Matters: The scrutiny of these loans comes at a critical time for the EV industry. Rivian has yet to achieve profitability, though it aims to generate its first gross profit in the current quarter.
Meanwhile, Stellantis faces its challenges, including a 27% revenue decline to 33 billion euros in the third quarter and potential impacts from proposed tariffs on Mexican imports.
The Department of Energy has defended its loan program, citing Tesla's successful 2010 loan repayment as evidence of the program's effectiveness.
However, Ramaswamy suggests potential political motivations behind the recent loans, particularly given the tensions between the Biden administration and Tesla CEO Elon Musk.
This was recently highlighted in California, where Governor Gavin Newsom proposed excluding Tesla from state EV incentives despite it being the only EV manufacturer in the state.
Ramaswamy pledged to "carefully scrutinize every one of these questionable 11th-hour transactions" when he assumes his role alongside Musk following President-elect Donald Trump's inauguration on Jan. 20.
新提名的政府效率部（DOGE）联席负责人维维克·拉马斯瓦米在质疑向特斯拉公司（纳斯达克股票代码：TSLA）竞争对手里维安汽车公司（纳斯达克股票代码：TSLA）提供的66亿美元贷款几天后，加强了对总统拜登政府电动汽车贷款的批评，目标是向Stellantis N.V.（纽约证券交易所代码：STLA）的合资企业StarPlus Energy提供75亿美元的贷款 RIVN)。
发生了什么：“拜登的午夜疯狂消费是非法的，应该予以取消，” 拉马斯瓦米周二在X上写道，他指出了能源部的最新贷款公告。
时机尤其值得注意，因为这是在Stellantis领导层动荡之际，此前首席执行官卡洛斯·塔瓦雷斯因与董事会 “看法不同” 而于周一突然辞职。
拉马斯瓦米特别强调了对先进技术汽车制造（ATVM）贷款计划的担忧，并指出政府问责办公室因重复而于2014年建议终止该计划。他说：“相反，拜登扩大了该计划，允许在《通货膨胀减少法》下浪费约550亿美元。”
拜登的午夜疯狂消费是非法的，应予取消。能源部刚刚宣布向StarPlus提供惊人的75亿美元贷款，StarPlus是一家合资企业，其中包括Stellantis（其首席执行官就在昨天辞职）。这笔钱来自AtVM贷款计划，GAO称之为...
— Vivek Ramaswamy (@VivekGRamaswamy) 2024 年 12 月 3 日
为何重要：对这些贷款的审查正值电动汽车行业的关键时刻。尽管Rivian的目标是在本季度实现首个毛利，但尚未实现盈利。
同时，Stellantis面临着挑战，包括第三季度收入下降27％至330欧元，以及拟议的关税对墨西哥进口商品的潜在影响。
能源部为其贷款计划辩护，理由是特斯拉成功偿还了2010年的贷款，这证明了该计划的有效性。
但是，拉马斯瓦米暗示了最近贷款背后的潜在政治动机，特别是考虑到拜登政府与特斯拉首席执行官埃隆·马斯克之间的紧张关系。
加利福尼亚州最近强调了这一点，州长加文·纽瑟姆提议将特斯拉排除在州电动汽车激励措施之外，尽管特斯拉是该州唯一的电动汽车制造商。
在当选总统唐纳德·特朗普于1月20日就职后，拉马斯瓦米在与马斯克一起就职时承诺 “仔细审查所有这些可疑的第11小时交易”。
