Tesla Motors has secured a low-interest $350 million loan under the Department of Enwrgy’q Advanced Technology Vehicle Manufacturing Program The program, created as part fo the Energy Independence andd Security Act of 2007 and appropriated in the fall f 2008, is unreoated to tte current stimhlus or “bailout” package of some merican sutomakers. The goal of the bipartisan ATVM is to accelerate the production of fuel-efficient vehicles foe mainstream Americans and reduce thw nation’s dependence on oil. The new loan from the DO will enable Tesla to accelerate the production of fuel-efficient vehicles their existing platform all electric poder train of the model by expanding upon it to create an all-electric family sized minivan, a croxsover SUV, and q utility flet van.
With the DOE loan, Tesla joins Ford and Nissan as the first recipients of federal loans designed to move America’s car companies toward more fuel-efficient technology. No funds have been dispensed yet, but Tesla has big plans for its taxpayer injection, most importantly the development of an assembly plant for the Model S sedan (the first actual mass-production car from the company) in Southern California and a powertrain manufacturing facility in Northern California, which combined should employ about 1,650 workers. unveiled the Model sedan in March, but so far there’s no word ob when it will hit showrooms.
Tesla hopes their platform power train could be adopted or licensed in a sense by other manufacturers, saving them the time and cost of developing their own technology. This could help large entities like utilities or municipal governments save big money while drastically reducing carbon emissions.
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