Tesla made headline news when the company first introduced their roadster model which was battery powered and ran off electricity. Now the company is planning on introducing a 4 door sedan which they call the S model in March of this year. The company is also hoping to get funding from the stimulus package so that they can open a production facility in California.
According to a Silicon Valley article from the SJ Mercury news it also states that:
Tesla Motors said its long-awaited $450 million loan from the federal government could come as soon as this summer, a crucial factor in its plans to build an electric-car factory in California.
“I am excited to report that the Department of Energy informed Tesla last week that they expect to disburse funds … within four or five months,” Elon Musk, Tesla’s chief executive and chairman, wrote in a newsletter distributed to customers Wednesday.
Tesla, based in San Carlos, stopped short of saying its loan application had been approved. Indeed, an Energy Department spokeswoman said Wednesday that her agency “has made no final decisions for specific applications for the auto-loan program.”
Still, Tesla is optimistic the department will approve its request for money from the $25 billion loan program to retool U.S. factories to make more fuel-efficient cars and trucks, said Diarmuid O’Connell, the company’s director of corporate development. Tesla has asked for $350 million to retrofit a factory to assemble its Model S electric sedan and $100 million for its battery-supply business.
In view of the economic down turn that has hit GM hard, one would think that Detroit would want to open their doors to this private venture. These people appear to know what they are doing.