Tesla Motors receives $465 million DOE government loan
The Palo Alto facility will assemble electric vehicle battery packs, electric motors, and related electric vehicle control equipment, both for Tesla’s own electric vehicles and for sale to other automobile manufacturers. The agreement was negotiated and signed by the Department’s Loan Programs Office, which supports the development of innovative, advanced vehicle technologies to create thousands of clean energy jobs while helping reduce the nation’s dependence on foreign oil. Tesla’s planned Model S will consume no gasoline and will not produce any tailpipe emissions. It is being designed to offer a variety of range options depending on the battery pack used,
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