The government has dozens of ways to structure incentives without making half billion dollar investments in particular companies.

Telecom reform in 1996, for example, was a huge boon for the internet and related industries, and it didn't require picking one specific company over another.

Tesla wasn't picked over another company, they were the only company trying this.

The DOE gives all kinds of grants and loans to innovative energy companies because it's seen as a national security issue.