“How come some tiny little California startup, run by guys who know nothing about the car business, can do this, and we can’t?” – General Motors Vice Chairman Bob Lutz, Newsweek, Dec. 22, 2007
In the last week of March I made my annual trip down to see my financial advisor, Josh Foster at Wells Fargo, to deal with my retirement accounts. I’ve known him for decades and, because his in-laws were among the finest individuals for whom I’d ever had the pleasure of handling automotive needs, I was a guest at his wedding. (We had a close enough relationship that I provided numerous vehicles for family members coming in from out of town for the wedding.)
Typically these annual trips don’t take much time. We talk for a few minutes, I write the check, and it’s over. I try to take as little of his time as necessary, because I know he’s extremely busy and I have no great investment plans to discuss. But this year was different; I no more got into his office than, for the very first time, he asked me an automotive question: “Have you reviewed a Tesla yet?”
Two Weeks, Two New Teslas
He was referring to the new Tesla S electric car, from the company founded by Internet billionaire Elon Musk. In fact I hadn’t reviewed it. But I have closely watched that company since its founding a decade ago. Personally, I’ve marveled at the visionary genius of what Musk has accomplished, but I also have a businessman’s appreciation for his company’s likely long-term capability of success.