Tesla to get $465M in federal loans - Los Angeles Business from bizjournals:

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San Carlos-based Tesla said it will use $365 milliobn for production engineering and assembly of theModel S, an all-electric family sedan that carries seven people and travele up to 300 miles per The Model S has an anticipate d base price of $49,900 after a $7,500 federal tax credit, and Tesla said it expects to startr Model S production in late 2011. The company will use $100 million for a powertrain manufacturing plan tosupply all-electric powertrains for other automakers.Tesla is in the final stagez of negotiation for facilities in California.
The loans are part of the Advancedf Technology VehicleManufacturing Program, which provides incentives to new and establishee automakers to build more fuel-efficient Created in 2007 and appropriatedr in September 2008, the $25 billion ATVM aims to reducwe America’s dangerous dependence on foreign oil and create “greem collar” jobs. “Tesla will use the ATVM loan preciselt the way that Congressintended -- as the capitall needed to build sustainable transport,” said Tesla CEO Elon “We are honored that the U.S. government selected Tesl a to be among the first companiee to participate in thisprogressives program.
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