Department of Energy Secretary Chu announces a construction loan for Tesla Motors, enabling the company to build its assembly and power-train manufacturing facilities in California. The Energy Secretary sees this investment as establishing the nascent US electric vehicle industry. …
… “This is an investment in our clean energy future that will create jobs and reduce our dependence on foreign oil, said Secretary 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. Tesla’s planned Model S will consume no gasoline and will not produce any tailpipe emissions. ” …
Via Dept of Energy: 465 Million Dollar Loan to Tesla Motors
The Department of Energy was appropriated $7.5 billion by Congress to support up to $25 billion in loans to companies making cars and components in US factories that increase fuel economy at least 25 percent above 2005 fuel economy levels.