Tuesday, June 23, 2009

Tesla Gets $465M DOE Loan

San Carlos-based Tesla Motors has finally received approval for around $465M in low interest loans from the U.S. Department of Energy for the firm's electrical vehicles, the firm said Tuesday. Tesla said that it will use $365M of those loans for production engineering and assembly of the firm's upcoming Model S, an all-electric family sedan, which the firm is targeting for production in 2011. The company said the remaining $100M will go towards a powertrain manufacturing plant for its vehicles.