Energy Department Finalizes $465 Million Loan to Tesla
22 January 2010 - 8:51AM
Dow Jones News
WASHINGTON (Dow Jones) -- The U.S. Energy Department on Thursday
finalized a long-offered loan to Tesla Motors Inc., continuing its
effort to push the nation toward battery-powered vehicles.
The Energy Department finalized the $465 million loan amid
pressure from Congress to speed up the award of federal money. It
was the second award to be finalized from a $25 billion government
loan program to help car makers revamp their U.S. factories to
produce advanced-technology vehicles.
Tesla will be use the money for production of an electric
vehicle and electric-vehicle parts. The new sedan, known as the
Model S, will be designed as a gasoline-free vehicle that produces
no tailpipe emissions. The intent is to allow drivers to go 160
miles to 300 miles on a single charge.
--By Siobhan Hughes, Dow Jones Newswires; 202-862-6654;
siobhan.hughes@dowjones.com
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