Tesla, Ford, Nissan all receive electric car development loans from US government

By On June 23, 2009 Under New Gadgets

High five, Tesla fans -- everyone's favorite incredibly controversial electric car company has just been granted $465m in loans from the Department of Energy's Advanced Technology Vehicle Manufacturing program. The bulk of the money will go towards that postponed Model S factory, while the remaining $100m will be used to fund an electric powertrain manufacturing facility that will sell parts like motors and battery packs to other carmakers. Tesla wasn't the DOE's only big winner: Nissan received $1.6b (billion!) to build batteries and EVs in Tennessee and Ford received an undisclosed amount to build two upcoming electric cars, but since those companies have largely drama-free upper management that isn't constantly involved in lawsuits, it feels a little more routine. Still, it's an exciting time -- let's hope all these tax dollars turn into affordable, convenient electric transportation sooner rather than later.

Update: A "congressional source" has told the AP that Ford's getting $5.9 billion, so yeah, the Oval's still the big dog.

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Filed under: Transportation