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Tesla Motors Approved for $465 Million Loan from US Department of Energy
Tech Business
Written by Daniel   
Wednesday, 24 June 2009 11:42

Uncle Sam stands a better chance of getting its money back from Tesla than from GM or Chrysler

Jansen Ng (Blog) - June 23, 2009 12:45 PM

Tesla Motors has received approval from the United States Department of Energy for up to $465 million in low-interest loans. The electric car manufacturer had faced significant financing difficulties due to the global credit crunch and resulting recession, despite having an order backlog of over 1,500 vehicles. This forced a delay in the acquisition of a Californian production facility and the subsequent plans for several models.

The loans are part of the Advanced Technology Vehicle Manufacturing Program, which provides incentives to new and established automakers to build more fuel-efficient vehicles, including hybrid and electric vehicles. The ATVMP was created in 2007 and appropriated funding in September 2008. The $25 billion program is supposed to reduce America’s dangerous dependence on foreign oil and create “green collar” jobs.  [DailyTech.... ]   [Comments...]

 

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