Tesla Motors Receives Approval For $465M Loan From Department of Energy
Tesla Motors received approval for about $465 million in low-interest loans from the US Department of Energy to accelerate the production of affordable, fuel-efficient electric vehicles.
Tesla will use $365 million for production engineering and assembly of the Model S, an all-electric family sedan that carries seven people and travels up to 300 miles per charge.
The Model S has an anticipated base price of $49,900 after a $7,500 US federal tax credit. Tesla expects to start Model S production in late 2011 in a state-of-the-art assembly plant employing about 1,000 workers.
Tesla will use $100 million for a powertrain manufacturing plant. The facility will supply all-electric powertrain solutions to other automakers, greatly accelerating the availability of mass-market EVs. The new facility will employ about 650 people.
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