Department of Energy Oks $465 Million Loan to Tesla Motors

Press Telegram › January 23, 2010

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Summary

The U.S. Department of Energy has finalized a $465 million loan to Tesla Motors that will allow the electric car maker to build manufacturing plants in Southern and Northern California, a company spokesman said Friday.

San Carlos-based Tesla plans to locate a powertrain manufacturing plant in Palo Alto, but remains undecided on whether it will assemble its forthcoming Model S sedan in Downey or Long Beach. Both cities are offering financial incentives in hopes of luring some 1,000 to 1,200 jobs to former aerospace plants.

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Department of Energy Oks $465 Million Loan to Tesla Motors

"The DOE loan is independent of our site location," said Tesla spokesman Ricardo Reyes. "The site sele...

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