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Tesla Model S  (Source: Tesla Motors)
Let the money flow...

The federal government seems to be quite happy with dishing out money for environmentally friendly ventures, and there are plenty of companies that are willing to take the funds and put them to good use. One such company is Tesla Motors.

Tesla Motors is probably most notable for its sexy all-electric Roadster. The $100,000+ sports car, which is based on the Lotus Elise chassis, has a driving range of 244 miles – one Tesla Roadster, however, was able to travel 313 miles on a single charge -- and can zip to 60 mph in less than four seconds. However, Tesla is looking to take its electric car-building prowess to a somewhat more mainstream audience with its four-door Model S electric sedan.

This is where the federal government steps in to work its magic. According to the Detroit News, Tesla Motors today closed on a deal to secure $465 million in low-cost loans from the Energy Department. The funds will be used to build manufacturing plants in California for the Model S and its powertrain.

The company was originally approved for the loan back in June of 2009. The $465 million will come from the Advanced Technology Vehicle Manufacturing Program which is providing a total of $25 billion to automakers that develop new fuel efficient vehicles. Other notable names to get in on the loans include Nissan ($1.6 billion) and Ford ($5.9 billion).

"This is an investment in our clean energy future that will create jobs and reduce our dependence on foreign oil," said Energy Secretary Steven Chu.

"It will help build a customer base and begin laying the foundation for American leadership in the growing electric vehicles industry. This is part of a sustained effort to develop and commercialize technologies that will be broadly deployed throughout the American auto industry."

As previously reported by DailyTech, the Model S will have a driving range of up to 300 miles and can dash to 60 mph in 5.5 seconds. The fetching sedan weighs in at a portly 4,000 pounds (1,200 pounds of which comes from its lithium-ion battery pack). If all goes according to plan, the base Model S will cost around $50,000 after a government-backed $7,500 tax credit is taken into consideration. For comparison, the Chevrolet Volt is expected to cost in the “low 30s” after the $7,500 tax credit is applied. At that price point, GM still contends that it can make a profit.

The Model S is scheduled to go into production in 2012 and yearly output is pegged at 20,000 units per year.



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RE: clue me in on this...
By shin0bi272 on 1/21/2010 11:16:01 PM , Rating: 3
While Sandman above is correct I'd like to point out that the 12.9Billion dollars we gave in 2003-4 was the most of any country in the world. Just because other countries are trying to keep up with us (Japan came in at 9.2 and hey look they are the worlds second largest economy :-O ).

The point is the US gives the most in dollars every year even if its not the greatest in percent gdp... that just means our economy is that much better than all the others because we can give less of a percentage (meaning it hurts our wallets less) and still give more than any other country in terms of actual dollars.

And to answer the DT mod's comment above no we shouldnt give GOVERNMENT money to other countries. Private donations are fine but do not take my hard earned cash and give it to some dude in a country where the actual starving people there wont ever see a dime of it (can you tell Ive played farcry 2 a few times?). If people wanna donate to sally struthers or who ever thats their decision. Just waste my tax dollars on home grown programs.... Hey look here's a story on one! LOL


RE: clue me in on this...
By Strunf on 1/22/2010 8:30:25 AM , Rating: 2
quote:
The point is the US gives the most in dollars every year even if its not the greatest in percent gdp... that just means our economy is that much better than all the others because we can give less of a percentage (meaning it hurts our wallets less) and still give more than any other country in terms of actual dollars.


lol what logic is that? if you give less % of your GDP it can only mean you either can't afford to give more or you don't want to, others give more in % cause they can and want to. But seriously you would expect that a country with 1/4 the US population to pay as much as the US? ...


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