Advanced Technologies Vehicle Manufacturing Loan Program
In January 2010, the Department of Energy closed a $465 million loan arrangement with Tesla Motors, Inc. to produce specially designed, all-electric plug-in vehicles; and to develop a manufacturing facility to produce battery packs, electric motors, and other powertrain components that will power specially designed vehicles.
Tesla’s Model S is the first zero-emission, zero-gas, full-size electric vehicle on the market. In addition, Tesla will produce battery packs, electric motors, and other powertrain components that will power all-electric, plug-in vehicles (not only Tesla’s, but also other vehicle manufacturers, such as Daimler and Toyota).
The company’s operations provide for more than 1,500 permanent employees.
The Department of Energy’s investment in Tesla supports the commercial-scale deployment of advanced technologies that help keep American auto manufacturers competitive in the growing global market for advanced vehicles.