Elon Musk's Tesla Gets Government Money

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By
Muhammed El-Hasan
on June 23, 2009 1:38 PM | | Comments (0) |

Tesla was co-founded by Elon Musk, who started SpaceX, the Hawthorne developer of low-cost rockets. Tesla is looking for a industrial space in Southern California for a car factory.


Energy Dept. to lend $8B to Ford, Nissan, Tesla

DEARBORN, Mich. (AP) -- The Energy Department said Tuesday it would lend $5.9 billion to Ford Motor Co. and provide about $2.1 billion in loans to Nissan Motor Co. and Tesla Motors Inc., making the three automakers the first beneficiaries of a $25 billion fund to develop fuel-efficient vehicles.

Energy Secretary Steven Chu announced the loan recipients at Ford's Research and Innovation Center in Dearborn. The loans to Ford will help the company upgrade factories in five Midwest states to produce 13 fuel-efficient vehicles.

Nissan was receiving $1.6 billion to retool its plant in Smyrna, Tenn., to build advanced vehicles and build a battery manufacturing facility. Tesla would get $465 million in loans to build electric vehicles and electric drive powertrains in California.

Read more on Tesla.

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This page contains a single entry by Muhammed El-Hasan published on June 23, 2009 1:38 PM.

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About Biz Waves

Biz Waves is a one-stop Web hub for business news and content from the South Bay region of Los Angeles County and beyond.

The primary contributor is:

Muhammed El-Hasan, a business reporter at the Daily Breeze since 2000, covers aerospace and everything else about business in the South Bay. Muhammed previously reported at the San Bernardino Sun and the community news division of The Orange County Register. He also worked as a researcher in the Jerusalem bureau of the Los Angeles Times in 1996-97. But his career highlight as a young man was driving a forklift at a Gardena company near Hawthorne, where he grew up.

You can email Muhammed at muhammad.el-hasan@dailybreeze.com

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