Tesla Motors Secures Loan Approval from US Department of Energy

In a bid to help contribute towards the turn for more electric and cost-efficient vehicles, Tesla Motors was granted a $465 million low interest loan which they will use in the production of affordable fuel-efficient electric vehicles.

One vehicle that is expected to benefit from this development is the Tesla Model S. The Model S is all-electric family sedan that carries seven people and travels up to 300 miles per charge. The Model S has an anticipated base price of $49,900 after a $7,500 US federal tax credit. Tesla is aiming to start production by late 2011 at a state-of-the-art plant that will be employing about 1,000 workers.

“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. “We are honored that the US government selected Tesla to be among the first companies to participate in this progressive program.”

(Source) Press

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