Tesla Secures $465M Federal Loan to Build Tesla Model S Funding Will Help Develop Tesla Model S, Palo Alto Powertrain Plant

Electric car manufacturer Tesla has secured $465 million in federal
funding to expand its vehicle offering and production line.ย The $465
million low-cost Energy Department loan will help build a Southern
California plant for the forthcoming Tesla Model S, as well as a
powertrain facility in Palo Alto, California.
U.S. electric car manufacturer Tesla Motors was the fourth auto maker to
receive a low-cost Energy Department loan from the U.S. government.ย
Ford Motor Company, Fisker Automotive and Nissan each received loans to
build out their electric car development plans.ย Tesla Motors will
focus this loan on two initiatives, the Southern California Tesla Model
S plant and a powertrain facility in Palo Alto, California.ย These
facilities will create an estimated 1,600 jobs, while the former is
slated to produce 20,000 Tesla Model S electric sedans by the end of 2013.
The first models of the Tesla Model S will roll out of the Southern
California plant in 2012, selling for $50,000 after a $7,500 U.S. tax
credit.ย The Tesla Model S is a four-door electric car that produces no
tailpipe emissions and sports a 300-mile driving range on a single
charge.ย Having recently sold its 1,000th Tesla Roadster, this
investment by the U.S. Energy Department will help Tesla expand its
offering and put more U.S.-made electric vehicles on the road in the
very near future.