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US Government Bails Out Tesla Motors

EmagGeek (574360) writes | more than 5 years ago

Toys 0

EmagGeek writes ""The Obama Administration will lend Tesla Motors $465 million to build an electric sedan and the battery packs needed to propel it. It's one of three loans totaling almost $8 billion that the Department of Energy awarded Tuesday to spur the development of fuel-efficient vehicles. Tesla has long been counting on the loan to help it build the sedan it unveiled in March and had been in discussions with the agency for about nine months. It had sought $350 million to retool a factory to build the car and $100 million to manufacture battery packs and drivetrain components.""
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