Tesla Motors Gets Loan Approval for Production of Electric Vehicles
Tesla Motors got a big boost as they were given a financial aid of sorts with the approval of a $465 million low interest loan, courtesy of the US government. This amount will be used by Tesla Motors in the production of affordable fuel-efficient electric vehicles.
One vehicle that is getting a boost from it all 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.”
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(Source) Press
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