Senator Boxer on DOE Loans for Fuel Efficient Vehicles

Tesla Motors will Receive $465 Million to Create Jobs in California

June 23, 2009 -- Washington, DC – U.S. Senator Barbara Boxer (D-CA) today lauded U.S. Department of Energy (DOE) Secretary Steven Chu’s announcement that San Carlos-based Tesla Motors will receive $465 million as part of the first loans made under DOE’s Advanced Technology Vehicles Manufacturingloan program.

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Senator Boxer spoke with Secretary Chu earlier this year and pressed him to quicklyapprove loans under this program.

Tesla was awarded two loans: one to help finance a manufacturing facility for Tesla’s Model S, a full-size electric sedan with a fuel efficiency equivalent of more than 250 miles per gallon; and the other to support an integrated-manufacturing facility that will build battery packs and electric drive trains for Tesla as well as other car companies.

DOE estimates these loans will help create 1,650 jobs in California – 650 are expected to be created at the Bay Area facility and the remaining 1,000 in Southern California.

Senator Boxer said, “I am so pleased that Secretary Chu agreed to my strong request to release these funds that have sat idle for far too long. This is a huge win for California. These loans will create jobs building the next generation of fuel efficient cars here in America, help wean our nation off of foreign oil, and reduce dangerous greenhouse gas emissions.”

For more information on the program and other awards announced today, visit DOE’s website.

Source: Senator Barbara Boxer