Tesla Motors Inc. has secured $465 million in loans from the Department of Energy to build a new production facility in Palo Alto, Calif. Tesla expects the new factory to create more than 1,600 new jobs.The new facility will be building the new Model S electric sedan and various electric powertrain components.
The Model S has an expect range of up to 300 miles while using no gasoline. It also produces no exhaust emissions.
Tesla stated production should begin sometime in 2012 and it hopes to produce 20,000 units a year by 2014. The price starts at $50,000 after the $7,500 ferderal tax credit.
-Anthony Alaniz
[Photo: 2012 Tesla Model S]
