Tesla Wins $465M in DOE Loans

It's official: Tesla Motors has won approval for $465 million in low-interest direct loans from the Department of Energy under the delayed Advanced Technology Vehicle Manufacturing Program. Tesla, which now sells a $109,000 electric sports car, has just been awarded what the DOE calls "conditional loan commitments" to set up manufacturing in California. This represents a huge step for the startup on its at-times bumpy road to producing the long-planned electric sedan, the Model S, and accelerating its nascent battery pack supply business.

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