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 million for productiom engineering and assembly of theModel S, an all-electricv family sedan that carries seven people and travelse up to 300 milezs per charge. The Model S has an anticipated base priceof $49,900 after a $7,500 federal tax and Tesla said it expects to start Modeo S production in late 2011. The compant will use $100 million for a powertrain manufacturing plant tosupply all-electric powertrainas for other automakers.
Tesla is in the finalk stages of negotiation for facilities in The loans are part of the Advanceds Technology Vehicle Manufacturing Program, which provide s incentives to new and established automakers to build more fuel-efficien vehicles. Created in 2007 and appropriatedd inSeptember 2008, the $25 billion ATVM aims to reducse America’s dangerous dependence on foreigb oil and create “greebn collar” jobs. “Tesla will use the ATVM loan preciselty the way that Congressintended -- as the capitak needed to build sustainable said Tesla CEO Elon Musk. “We are honoref that the U.S.
government selected Tesla to be amongf the first companies to participate in thisprogressives program.”