Tesla Motors finalizes DOE loan for Model S

Submitted by orville on January 21, 2010
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Tesla Motors will receive a long-sought $465 million loan to build a factory to build its planned Model S electric sedan, the U.S. Department of Energy said on Thursday.

With the loan, Tesla will be able to start making the Model S in volume during 2012 and ramp up to 20,000 units by the end of 2013. The location of the facility is expected to be in Southern California.

The Model S is one of a few highly anticipated electric cars coming out in the next few years. It's designed to go over 300 miles on batteries, be large enough to carry five adults and two children, and still have lots of cargo space. The base price for the car will be almost $49,900.

For further information: CNET