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Tesla secures $465 million federal loan

Tesla secures $465 million federal loan for electric car plant

Posted on Friday, January 22nd, 2010 at 12:21 PM EST.(Employee News)

Tesla Motors Inc. closed Thursday on a $465 million low-cost U.S. Department of Energy loan to build a factory in southern California to produce its $50,000 Model S electric sedan and a powertrain manufacturing facility in Palo Alto, The Detroit News reported.

The Palo Alto facility will assemble electric vehicle battery packs, electric motors and related electric vehicle control equipment for Tesla’s own electric vehicles and for sale to other automobile manufacturers, the paper said. Tesla’s planned zero-emission, electric Model S will have up to a 300-mile range, the News noted. Volume production of the Model S is planned to begin in 2012 with a target production capacity of 20,000 vehicles per year by the end of 2013, the Energy Department said. The $50,000 price is after a $7,500 federal tax credit, the report said.

According to Tesla, the Model S project and power-train manufacturing facility are expected to create more than 1,600 jobs, the story said. (The Detroit News)

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