Tesla Gets $465 Million from US Government
Tesla executives breathed a sigh of relief when the US government guaranteed $465 million in loans as part of the new $8 billion stimulus package dedicated to furthering automotive technology.
More as a result of the Tesla’s progression towards the Model S sedan’s release than the relative success of the Roadster, the loan will fittingly be utilized to procure a manufacturing site for the $45,000 US sedan’s production. Initially planning to build a factory in San Jose, Tesla was forced to abandon those plans with the loan, which carries the stipulation that the Model S be produced in a “brownfield” site. That means that Tesla essentially has to refit an existing factory to save money.
However, with the automotive press rampant with rumours of internal strife and lawsuits at Tesla HQ, it’s impossible to tell how much of the $465 million will escape the bureaucracy that the electric manufacturer seems stricken with.
