Tesla motors is a newly-started company I've mentioned. They now have two fully electric vehicles - an expensive 2 seater and a 4-door sedan - which they are gearing up for production which provide both power and reasonable range. The mention of the company and their technologies has brought a certain amount of skepticism, as you might expect. Well... it appears they are getting a vote of confidence from the government in terms of considerable loans to help ramp up production capacity.
A NEW American automobile company making it? Imagine that!
- Bill
- USA TodayBy Kimberly S. Johnson And Ken Thomas, Associated Press Writers
DEARBORN, Mich. — The Energy Department said Tuesday it would lend $5.9 billion to Ford Motor and provide about $2.1 billion in loans to Nissan Motor and Tesla Motors, making the three automakers the first beneficiaries of a $25 billion fund to develop fuel-efficient vehicles.
Energy Secretary Steven Chu announced the loan recipients at Ford's Research and Innovation Center in Dearborn. The loans to Ford will help the company upgrade factories in five Midwest states to produce 13 fuel-efficient vehicles.
Nissan is receiving $1.6 billion to retool its plant in Smyrna, Tenn., to build advanced vehicles and build a battery manufacturing facility.
Tesla would get $465 million in loans to build electric vehicles and electric drive powertrains in California.