Back in June, Tesla Motors announced a $465 million loan from the U.S. Department of Energy. That deal is now official…every tax paying American is now an investor in Tesla.
Tesla CEO Elon Musk said. “We are honored that the US government selected Tesla to be among the first companies to participate in this visionary program. This loan will allow us to further accelerate the production of affordable, fuel-efficient electric vehicles.”
The California EV maker will get two separate loans totaling in $465 million. The loan comes from the Advanced Technology Vehicle Manufacturing program (ATVMP) where $100 million is to build a manufacturing plant for the powertrain. The remainder is for actually building the Model S.
Telsa plans to start production by 2011.