The Department of Energy awarded Tesla Motors $465 million to build the Tesla Model S and the battery packs needed to propel it. The DOE awarded three loans totaling almost $8 billion to spur the development of fuel-efficient vehicles.
“We have an historic opportunity to help ensure that the next generation of fuel-efficient cars and trucks are made in America,” said President Obama. "These loans – and the additional support we will provide through the Section 136 program – will create good jobs and help the auto industry to meet and even exceed the tough fuel economy standards we’ve set, while helping us to regain our competitive edge in the world market." says the DOE press release.
Tesla Motors will receive $465 million to finance a manufacturing facility for the Tesla Model S sedan. The Model S will have a 300-mile range, can be QuickCharged in 45 minutes, and does 0 - 60mph in 5.6 seconds from either 120v or 240v sources. Unlike conventional cars, the Model S does not use a multi-speed tranmission; it uses a single-speed gearbox to provide "instant torque." The sedan carries 5 adults and has a hatchback to load all their gear. It will get the equivalent of 250 miles per gallon and have a top speed of 120 mph.
Tesla will have a showroom and service center in Seattle in the Lake Union area, at 425 Westlake Ave, beginning in Oct 2009. You can reserve your Model S by visiting the Tesla Motors website and following the steps on their Buy page.
Production of the Model S will begin in 2011 and ramp up to 20,000 vehicles per year by the end of 2013. The manufacturing facility expects to create 1,000 jobs in Southern California.
The second part of the loan will finance a facility to manufacture battery packs and electric drive trains to be used in Teslas and other vehicles including the Smart For Two by Daimler. “There’s a possibility the car will use a Mercedes-derived suspension and other components such as safety systems, crash structures, interior fit and finish,” he said. “There are a number of areas where Daimler can be quite helpful.” Elon Musk told Wired's Autopia.
$100 million of the loan will be a demonstration of how Tesla’s technology can be used in electric projects at other companies. "Battery pack production will begin in 2011, reaching about 10,000 by 2012 and 30,000 packs in 2013. The new facility expects to employ 650 people in the Bay area of Northern California." Says the DOE press release.
Comments
Please change your title. Tesla was NOT awarded anything. DOE IS LENDING Tesla 465 million. It was no more awarded than a simple house or car loads are awarded.
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