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Tesla $465 Million DOE Loan to Create 1600 Jobs

  • Thursday, 28th January 2010
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  • Reading time: about 2 minutes

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.


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