Tesla Motors Receives Approval For $465M Loan From Department of Energy
More News related to Corporate News
- Trex Company (TWP) Announces Refinancing of Revolving Credit Facility
- Infineon Technologies (IFNNY) Completes Sale of Wireline Business to Lantiq
- Highlights From NVDA's Q3 Conference Call: Steady Increase in Demand Driven By Healthy Marketing Environment and New Apps
- Ocean Power Technologies (OPTT) Higher After Award For Australian Power Project
- Highlights From SBUX's Q4 Conference Call: Sees FY10 EPS Growth Up 15-20%, Continued Expansion in China,
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.
Stocks Mentioned
Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
