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Breaking: Tesla Gets Federal Loans

Posted in Cars, Detroit, Electric Cars, Electric Vehicles, Newsworthy, Politics, Tesla by Alex Kierstein | June 23rd, 2009 | Leave a Reply |
<i>Elon Musk, founder and CEO of Tesla.</i>

Elon Musk, founder and CEO of Tesla.

Tesla has been banking on getting federal loans for a while, and the ever-quixotic Elon Musk has apparently made a strong enough case to the feds to warrant a $465 million loan, the full amount Tesla was after. This should allow the company to build the Model S, or give Musk enough time to slip out of the country before the Detroit automakers can frame him for something. We kid about the last part. That being said, Tesla’s got a lot of work to do, and we’ll see if this loan improves their cash-flow problems in the long-term.

[Source: AP]

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