Tesla wants $400 million loan from US Govt.
Nov 21, 2008 Auto Tech
Tesla Motors has applied for about $400 million of a $25 billion government loan package designed to help automakers produce more efficient vehicles and meet new fuel economy standards.Tesla currently makes an electric sports car called Roadster, which has sold about 60 and an order book of about 1000.
Diarmuid O’Connell, Tesla’s VP of corporate development, revealed the amount in an interview with peHUB Wednesday, less than three weeks after CEO Elon Musk declared a $40 million round of convertible-debt financing “significantly more than we need.” According to O’Connell, Tesla would use the direct loans for two projects: a new battery manufacturing operation, and a delayed mass-market sedan, now called the Model S. Read the rest of this entry »
Tags: AFS Trinity Power, Government bailoiut, Startups, Tesla Motors