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Tesla Receives ATVM Loan

Discussion in 'News' started by dsm363, Jun 22, 2009.

  1. dsm363

    dsm363 Roadster + Sig Model S

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    #1 dsm363, Jun 22, 2009
    Last edited: Jun 22, 2009
  2. Chris H.

    Chris H. Member

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  3. stopcrazypp

    stopcrazypp Well-Known Member

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  4. Palpatine

    Palpatine Banned

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    Tesla wins govenment loan for Model S

    DOE expected to announce first ATVM loans Tuesday: Ford, Nissan and Tesla win

     
  5. malcolm

    malcolm Active Member

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    Excellent news.

    I assume that the battery/powertrain plant will be adjacent to the Model S plant. Or does Daimler have a say in this?
     
  6. Picasso

    Picasso kllkkjlk

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    hmmm

    Quote from the story dpeilow posted.

    "Under the program, the administration is required to give priority in retooling money for factories that are at least 20 years old, and the money can only be spent on engineering work in the United States. The loans can also only cover a portion of the costs for building new models. "


    So Tesla attempts to be smart with the money it gets in the loan, and the bean counters at benz add up as much of the "engineering" costs it will do on the mod S to be counted as a "portion" of the loan? Would raise the share benz has in tesla if counted this way?
     
  7. xcelero.ii

    xcelero.ii Push Start Go

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    Too exciting!
     
  8. AnOutsider

    AnOutsider S532 # XS27

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    #10 AnOutsider, Jun 23, 2009
    Last edited: Jun 23, 2009
    it IS exciting, but shouldn't you be off making us cool new concepts :cool:
     
  9. xcelero.ii

    xcelero.ii Push Start Go

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    LOL. Yes I need to! I am also reworking a my mac mini as a media center site. But I need to finish the "ladies SmartWatch"! :biggrin:
     
  10. Cobos

    Cobos S60 owner since 2013

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    Has anyone actually seen any confirmed news on this yet ? After what some of the articles said Chu was supposed to do a public speach tuesday morning in MI. Shouldn't that have happened by now?

    Cobos
     
  11. Arnold Panz

    Arnold Panz Model Sig 304, VIN 542

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    Tesla has confirmed:

    Tesla gets loan approval from US Department of Energy
     
  12. Chris H.

    Chris H. Member

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  13. AnOutsider

    AnOutsider S532 # XS27

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    schweet. Model S, here we come. Can't wait for the detractors' comments now
     
  14. johnr

    johnr Member

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    Tesla gets 1/10 what Ford gets ... doesn't seem fair, but I guess since Ford is much larger and more established with more jobs on the line I can why.
    I'm used to seeing billions thrown around like confetti, but of course $465 million is a lot of money and will give a solid boost to the model S program. Really exciting stuff!
     
  15. efusco

    efusco Moderator - Model S & X forums

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    HUGE! I can almost taste that Model S already!
     
  16. vfx

    vfx Well-Known Member

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    Doe

    NEWS MEDIA CONTACT: FOR IMMEDIATE RELEASE:
    (202) 586-4940 June 23, 2009


    Obama Administration Awards First Three Auto Loans for Advanced Technologies to Ford Motor Company, Nissan Motors and Tesla Motors


    Washington, DC – Today, the Obama Administration announced $8 billion in conditional loan commitments for the development of innovative, advanced vehicle technologies that will create thousands of green jobs while helping reduce the nation’s dangerous dependence on foreign oil. The loan commitments announced today by the President include $5.9 billion for Ford Motor Company to transform factories across Illinois, Kentucky, Michigan, Missouri, and Ohio to produce 13 more fuel efficient models; $1.6 billion to Nissan North America, Inc. to retool their Smyrna, Tennessee factory to build advanced electric automobiles and to build an advanced battery manufacturing facility; and $465 million to Tesla Motors to manufacture electric drive trains and electric vehicles in California.



    These are the first conditional loan commitments reached as part of the Department of Energy’s Advanced Technology Vehicles Manufacturing program. The Department plans to make additional loans under this program over the next several months to large and small auto manufacturers and parts suppliers up and down the production chain.



    “We have an historic opportunity to help ensure that the next generation of fuel-efficient cars and trucks are made in America,” said President Obama. "These loans – and the additional support we will provide through the Section 136 program – will create good jobs and help the auto industry to meet and even exceed the tough fuel economy standards we’ve set, while helping us to regain our competitive edge in the world market."



    "By supporting key technologies and sound business plans, we can jumpstart the production of fuel efficient vehicles in America," Secretary Chu said. "These investments will come back to our country many times over – by creating new jobs, reducing our dependence on oil, and reducing our greenhouse gas emissions."



    These commitments will help reduce the 140 billion gallons of gasoline Americans consume each year, lessening the nation’s dependence on the volatile world market for oil, and decreasing the cause of a fifth of the nation’s carbon emissions. The Obama Administration recently announced an agreement to raise passenger car fuel standards from 27.5 miles per gallon to a target of 35 miles per gallon (mpg) by 2016. While 35 mpg is ambitious, the Department of Energy’s auto loan program received more than a hundred applications for loans to help achieve greater fuel efficiency. The competition among advances in conventional engine technologies, next-generation biofuels, and transportation electrification holds the potential to increase US fuel efficiency dramatically over the next several years.




    The Advanced Technology Vehicles Manufacturing Loan Program is an open and competitive process focusing on the best companies and best technologies in American manufacturing. First appropriated in the fall of 2008, the program will provide about $25 billion in loans to companies making cars and components in US factories that increase fuel economy at least 25 percent above 2005 fuel economy levels. The intense technical and financial review process is focused not on choosing a single technology over others, but is aimed at promoting multiple approaches for achieving a fuel efficient economy.



    Applications for the loan program have included vehicles running on electricity, biofuels, and advanced combustion engines, and were submitted by both car and component makers, US automakers, US manufacturing subsidiaries of non-US-based companies, major US auto parts suppliers, and innovative startups.



    Ford

    Ford Motor Company will receive $5.9 billion in loans through 2011 to help finance numerous engineering advances to traditional internal combustion engines and electrified vehicles. In addition, theses loans will help the company convert two truck plants to the production of cars. Ford will be raising the fuel efficiency of more than a dozen popular models, including the Focus, Escape, Taurus and F-150, representing close to two million new vehicles annually and helping to transform nearly 35,000 employees to green engineering and manufacturing jobs in factories across 5 states: Illinois, Kentucky, Michigan, Missouri, and Ohio. Ford is driving a major upgrade, leveraging a portfolio of technologies, including the direct injection, smart turbocharging EcoBoost engine, advanced transmissions, and new hybrid technologies.



    The facilities that will be impacted by today’s announcement include: Chicago Assembly, Louisville Assembly, Dearborn Assembly, Dearborn Engine, Livonia Transmission, Michigan Assembly, Van Dyke Transmission, Kansas City Assembly, Cleveland Engine, Lima Engine, and Sharonville Transmission.



    Nissan

    Nissan will receive $1.6 billion to produce electric cars and battery packs at its manufacturing complex in Smyrna, Tennessee. The loan will aid in the construction of a new battery plant and modifications to the existing assembly facility. These fully electric cars are an important milestone for vehicles produced in the United States by a major international automaker. These cars are energy efficient, using electricity at a gasoline-equivalent rate of more than 350 mpg. This new state of the art facility is a notable effort by a major automaker with well-established US operations to produce its most advanced vehicles and lithium-ion batteries. Nissan aims to manufacture a cost-competitive all-electric car, overcoming a major obstacle to widespread adoption of pure electric vehicles. Nissan will offer electric vehicles to fleet and retail customers, and plans to ramp up production capacity in Smyrna up to 150,000 vehicles annually. Nissan anticipates the project may result in an increase of up to 1,300 jobs in Smyrna when full production is reached.



    Tesla

    Tesla Motors will receive $465 million that will also advance electric vehicles. The first loan will finance a manufacturing facility for the Tesla Model S sedan. This vehicle demonstrates how the emerging electric car is becoming more affordable: the Model S is expected to be roughly $50,000 cheaper than Tesla’s first vehicle, the Roadster. The all-electric sedan consumes no gasoline and runs entirely on electricity from any conventional 120V or 220V outlet. It will get the equivalent of more than 250 miles per gallon, far exceeding the 32.7 mpg minimum efficiency required for large sedans. Production of the Model S will begin in 2011 and ramp up to 20,000 vehicles per year by the end of 2013. This integrated facility expects to create 1,000 jobs in Southern California.



    The second part of the loan will support a facility to manufacture battery packs and electric drive trains to be used in Teslas and in vehicles built by other automakers, including the Smart For Two city car by Daimler. This project demonstrates how Tesla’s early technology will support electric projects at larger companies. Early pilot battery pack production will begin in 2011, reaching about 10,000 by 2012 and 30,000 packs in 2013. The new facility expects to employ 650 people in the Bay area of Northern California.

    -DOE-
     
  17. vfx

    vfx Well-Known Member

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    The Event has happened.


    ?m=02&d=20090623&t=2&i=10608332&w=450&r=2009-06-23T162055Z_01_BTRE55M19EY00_RTROPTP_0_FORD-LOANS.jpg

    Ford to get $6 billion technology loan | Reuters

    ?m=02&d=20090623&t=2&i=10608420&w=450&r=2009-06-23T162932Z_01_BTRE55M19TD00_RTROPTP_0_FORD-LOANS.jpg

    A tiny Tesla line...
     

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