NetComposites
Attwater

Tesla $465 Million DOE Loan to Create 1600 Jobs

28 January 2010

This week, Tesla Motors secured financing to build a manufacturing facility in southern California, which will be used to produce the Model S electric sedan.

The $465 million loan deal was negotiated and signed by the Department’s Loan Programs Office, which supports the development of innovative, advanced vehicle technologies to create thousands of clean energy jobs while helping reduce the nation’s dependence on foreign oil.

“This is an investment in our clean energy future that will create jobs and reduce our dependence on foreign oil,” said Secretary of Energy Steven Chu. “It will help build a customer base and begin laying the foundation for American leadership in the growing electric vehicles industry. This is part of a sustained effort to develop and commercialize technologies that will be broadly deployed throughout the American auto industry.”

Tesla’s planned Model S will be an all-electric vehicle, producing zero tailpipe emissions. It is being designed to offer a variety of range options depending on the battery pack used, from 160 to 300 miles on a single charge. Volume production of the Model S is planned to begin in 2012 with a target production capacity of 20,000 vehicles per year by the end of 2013.

According to Tesla, the Model S project and power-train manufacturing facility are expected to create over 1,600 jobs.






Related / You might like...

Scigrip Appoints Biesterfeld Distributor to French Markets

Scigrip has expanded its agreement with Biesterfeld Spezialchemie to include France and the French territories in Northern Africa, with immediate effect.

EconCore Presents Developments in Thermoplastic Honeycomb Core Technology

EconCore will unveil the latest developments in its thermoplastic honeycomb core production technology at NPE2018 on 7-11 May in Orlando, Florida, US.

Advanced Engineering Celebrates 10 Years with a Bigger Show and More Industries Covered

Advanced Engineering 2018, the UK exhibition for advanced engineering professionals, is celebrating its 10th birthday by being bigger and better than ever, according to show organiser Easyfairs.