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Tesla Nabs $465M Government Loan To Build Model S

Posted by timothy on from the let's-call-it-the-people's-car dept.

SignalFreq writes "Tesla Motors, based in San Carlos, California, was approved yesterday for $465M in loans from the Department of Energy's Advanced Technology Vehicles Manufacturing program. Tesla plans to use $365M of the money to finance a manufacturing facility for the Model S (review, Letterman video) and $100M for a powertrain manufacturing plant in the SF Bay Area. 'Tesla will use the ATVM loan precisely the way that Congress intended — as the capital needed to build sustainable transport,' said Tesla CEO and Product Architect Elon Musk. Tesla expects the Model S to ship in late 2011 and the base cost to be $57,400 ($49,900 after a federal tax credit). Ford received $5.9B and Nissan received $1.6B under the same program."

2 of 505 comments (clear)

  1. Re:A requirement for the loan by Rei · · Score: 1, Troll

    Fail.

    --
    I tore these out of your symbol, and they turned into paper.
  2. Nissan? by SiO2 · · Score: 1, Troll

    "...Nissan received $1.6B under the same program."

    Nissan? Why is the United States government giving money to Nissan? Shouldn't the Japanese government do that and not the U. S. taxpayer?

    I know that I'm going to catch hell for this and probably get modded a troll. So be it. However, as a currently unemployed U. S. citizen who has had a job and paying into the system since I was twelve, I have to wonder where the hell is my federal government bailout money? State unemployment doesn't pay hardly anything. The U. S. government gave over a billion dollars to a foreign company, but a hard working citizen like myself, who really wants to work, gets next to nothing.

    I apologize for the rant.

    If anybody is looking for a systems/network administrator, who has over twenty years of solid experience, in the NE Ohio area, let me know.

    SiO2