Tesla Motors Receives Approval for a $465 Million Loan from the Department of Energy: Electric Sedans on Their Way

It was announced yesterday that the United States Department of Energy (DOE) approved a $465 million loan to Tesla Motors – the electric California based automaker currently producing the Tesla Roadster. This loan is to help bring to market (in larger volumes) the Model S electric sedan. The Model S is more practical than the Roadster, with about half the sticker price at $57,400 ($49,900 after the $7500 tax credit). The S will have a 300 mile range, a 45-minute QuickCharge, and will be able to carry five adults and two children.

Tesla Model S electric sedan

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Michael Gray

Mike has roots in the automotive service industry. He began diagnosing and fixing cars at a young age in his family’s service station. He has worked in automotive parts supply stores, towing companies, and service facilities. After graduating from St. Cloud State University (MN) with a Bachelor’s degree, he implemented and taught a basic car care program at the high school level. During work on his Master’s degree at Illinois State University (IL), he was a curriculum specialist on a National Science Foundation project where he co-authored ten integrated mathematics, science, and technology books designed for team teaching. Mike has also supervised teachers in Career and Technology Education as a school system administrator.

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