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Tesla Motors lands $465M loan with feds to build Palo Alto plant
Mercury News ^ | 1/25/10 | Jason Green

Posted on 01/25/2010 4:28:22 PM PST by NormsRevenge

Tesla Motors and the U.S. Department of Energy on Thursday finalized a landmark $465 million loan agreement that will allow the electric car maker to build a power train manufacturing plant in Palo Alto.

The agreement also paves the way for Tesla Motors to build a facility in Southern California where it will manufacture its upcoming all-electric Model S sedan.

It is only the second loan agreement the Department of Energy has signed with an "advanced technology vehicle manufacturer" under a program created in the Energy Independence and Security Act of 2007. The federal agency first reached a $5.9 billion loan agreement with Ford Motor Co. in September.

"We are honored that the U.S. government selected Tesla to be among the first companies to participate in this visionary program. This loan will allow us to further accelerate the production of affordable, fuel-efficient electric vehicles," Tesla Motors CEO Elon Musk said in a statement on the company's Web site.

Best known for its sporty all-electric Roadster, Tesla Motors expects to begin delivering the seven-passenger Model S in 2011. The Southern California plant will allow the company to produce as many as 20,000 vehicles per year by the end of 2013, the Department of Energy said.

The Model S will have a range of up to 300 miles and take about 45 minutes to charge, according to Tesla Motors' Web site. Prices are expected to start just shy of $50,000.

(Excerpt) Read more at mercurynews.com ...


TOPICS: Business/Economy; Government; Politics/Elections; US: California
KEYWORDS: automakers; california; electriccars; manufacturing; paloalto; tesla; teslamotors
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We are such a generous nation.
1 posted on 01/25/2010 4:28:22 PM PST by NormsRevenge
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To: NormsRevenge

What a waste when they don’t have a viable battery...


2 posted on 01/25/2010 4:30:24 PM PST by babygene (Figures don't lie, but liars can figure...)
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To: NormsRevenge

Fascism Alert.


3 posted on 01/25/2010 4:31:43 PM PST by agooga (Struggling every day to be worthy of their sacrifice.)
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To: NormsRevenge

Something one could buy without a bailout bonus.


4 posted on 01/25/2010 4:31:43 PM PST by Gene Eric (Your Hope has been redistributed. Here's your Change.)
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To: NormsRevenge

“We are such a generous nation.”

Well, but a Palo Alto plant makes such good sense...cheap labor, low real estate costs, easy access to the auto supply industry (Gomer Pyle voice) “I could just go on and on...”


5 posted on 01/25/2010 4:31:50 PM PST by jessduntno ("If you lose MA and that's not a wake-up call, there's no hope of waking up." - Evan Bayh)
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To: NormsRevenge

“The Model S will have a range of up to 300 miles and take about 45 minutes to charge, according to Tesla Motors’ Web site. Prices are expected to start just shy of $50,000.”

This is such a joke. If this was truly a promising and cost effective technology there would be private investors lining up. Tesla will be receiving a bailout in a few years.


6 posted on 01/25/2010 4:31:58 PM PST by coaltrain
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To: NormsRevenge

Wow, and they won’t solve a dang thing! Where is the electricity to power them going to come from? Idiots, these theiving politicians are so generous with our money aren’t they?


7 posted on 01/25/2010 4:32:00 PM PST by vpintheak (How can love of God, Family and Country make me an extremist?)
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To: NormsRevenge

Literally dozens of closed auto plants scattered across this nation, along with trained workforces, and Tesla has to build a new plant in Silicon Valley, one of the highest real estate markets in the nation?

Genius.


8 posted on 01/25/2010 4:32:20 PM PST by Yo-Yo (Is the /sarc tag really necessary?)
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To: NormsRevenge

Is that right on the fault line or only a mile or two away?


9 posted on 01/25/2010 4:34:31 PM PST by Mobties
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To: NormsRevenge
The Model S will have a range of up to 300 miles and take about 45 minutes to charge, according to Tesla Motors' Web site. Prices are expected to start just shy of $50,000.

Not if they build it in California. They will be lucky if they can built them for twice that cost.

10 posted on 01/25/2010 4:34:51 PM PST by wagglebee ("A political party cannot be all things to all people." -- Ronald Reagan, 3/1/75)
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To: NormsRevenge

Just remember Tesla spelled backwards is al set. The greenies may be all set, but they got no place to go.


11 posted on 01/25/2010 4:34:58 PM PST by shadeaud ("If you can't beat them, arrange to have them beaten." -- George Carlin)
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To: NormsRevenge
Another bad move by the federal government.

Let private capital fund this if it is a good idea.

12 posted on 01/25/2010 4:36:28 PM PST by Wahoo82
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To: NormsRevenge

Say Norm, mind if I stop by your place to visit? BTW, do you have a place to plug in my car?


13 posted on 01/25/2010 4:36:50 PM PST by umgud (I couldn't understand why the ball kept getting bigger......... then it hit me.)
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To: NormsRevenge

Let me count the ways you can spell B-O-O-N-D-O-G-G-L-E


14 posted on 01/25/2010 4:37:32 PM PST by FastCoyote (I am intolerant of the intolerable.)
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To: NormsRevenge
The agreement also paves the way for Tesla Motors to build a facility in Southern California...

which will probably be protested/delayed/made more costly by environmentalists.

15 posted on 01/25/2010 4:38:13 PM PST by BookmanTheJanitor
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To: agooga

You can’t make that determination yet. If Tesla pays us back, then all is well. Just like the bank bailout.


16 posted on 01/25/2010 4:38:38 PM PST by Wolfie
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To: umgud

just bring a long extension cord.


17 posted on 01/25/2010 4:39:24 PM PST by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Chuck DeVore - CA Senator. Believe.)
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To: NormsRevenge

18 posted on 01/25/2010 4:41:26 PM PST by COBOL2Java (Big government more or less guarantees rule by creeps and misfits.)
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To: shadeaud

An anagram of Tesla is: least.


19 posted on 01/25/2010 4:41:48 PM PST by USFRIENDINVICTORIA
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To: NormsRevenge

Of course, all the usual liberal bigwigs are invested in Tesla. I’m pretty sure even Al Gore has a stake, as does the Google owners. Nothing more than a government subsidy for expensive toys for big Democratic Party donors in Silicon Valley.


20 posted on 01/25/2010 4:42:37 PM PST by Azzurri
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To: NormsRevenge

Tesla Board of Directors makes an interesting read
http://www.teslamotors.com/learn_more/company_board.php

Kimbal Musk
Director
His prior and current board seats, in addition to Tesla Motors, are Medium, Inc., Everdream Corp., BlackBook Media, SpaceX Corp., and ProgressNow.org.
http://www.progressnow.org./


21 posted on 01/25/2010 4:42:47 PM PST by twistedwrench
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To: coaltrain

[The Model S will have a range of up to 300 miles and take about 45 minutes to charge]

Why do I just get the itchy feeling that that is too many amps to pull in 45 minutes through a 110 volt wall socket? Heck, you can only get one car battery to charge fully in an hour using a charger. So doing a whole bank in 45 minutes is cooking.


22 posted on 01/25/2010 4:42:54 PM PST by FastCoyote (I am intolerant of the intolerable.)
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To: NormsRevenge
Only thing missing is the logo "People's Car" or in it original language "Volkswagen"...


23 posted on 01/25/2010 4:44:01 PM PST by darkwing104 (Lets get dangerous)
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To: NormsRevenge

Whose going to buy this car?

Sounds very expensive to maintain, and not very convenient.

It would seem that if someone was vain enough to buy and drive an all-electric vehicle with all of its inconveniences, they’d look to buy the next generation Prius or another vehicle with a major manufacturer behind it.


24 posted on 01/25/2010 4:44:08 PM PST by I_Like_Spam
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To: Yo-Yo

Anytime you get rich used car salesmen around crooked politicians, you end up with the taxpayers slaving away their lives for NOTHING.


25 posted on 01/25/2010 4:44:21 PM PST by Dogbert41
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To: shadeaud

Another anagram for Tesla = Steal. Coincidence?


26 posted on 01/25/2010 4:44:40 PM PST by USFRIENDINVICTORIA
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To: NormsRevenge

Where will they get the electricity? There are not enough power plants.


27 posted on 01/25/2010 4:47:47 PM PST by verklaring (Pyrite is not gold))
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To: FastCoyote

Do you think these “volkswagons” come with their own windmills?


28 posted on 01/25/2010 4:48:09 PM PST by Dogbert41
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To: NormsRevenge

The DOE continues to do everything it can to prolong and increase our dependence on foreign oil from the wrong people. The more government chooses and uses our money to subsidize “alternative” energy that does not work in the market place the londer we will avoid the clear solution of producing the oil we have and doing it better and letting the market drive innovation in its use.


29 posted on 01/25/2010 4:48:40 PM PST by AmericanVictory (Should we be more like them or they more like we used to be?)
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To: NormsRevenge
this story will soon to be followed up with another story stating either:

Tesla Motors files for bankrupcy

-OR-

Tesla Motors moves production to China.

30 posted on 01/25/2010 4:49:29 PM PST by CapnJack
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To: jessduntno

Must have strick out looking for a plant in the Detroit area.


31 posted on 01/25/2010 4:50:10 PM PST by votemout
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To: COBOL2Java

That’s a very pretty car, sort of like a miata. You can just lash the kids to the top when you are taking them to school. And maybe when I’m rebuilding the engine to my 57 Bel Air (which has a trunk the size of the Tesla) I can just set the Chevy block in the back seat of the Tesla if I pop off the back window.

Here’s a bet. My 57 Bel Air will still be on the road 50 years from now (at 103) while any unrepairable Teslas left will be working as boat anchors.


32 posted on 01/25/2010 4:50:49 PM PST by FastCoyote (I am intolerant of the intolerable.)
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To: votemout

struck out


33 posted on 01/25/2010 4:50:53 PM PST by votemout
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To: NormsRevenge; babygene; agooga; Gene Eric; jessduntno; coaltrain; vpintheak; Yo-Yo; Mobties; ...
Tesla Motors Powers Up -(0 to 60 in about 4 seconds 250mpg ) red herring ^ | Jul, 19, 2006 | Joshua Davis

An All-Electric Sedan, Awaiting Federal Aid NY Times ^ | March 26, 2009 | CLAIRE CAIN MILLER

The list is numbingly long.

To: Paradox; Red Badger
I call BS

I call PR

Most real thing on their website is the press release that they have hired a PR firm to issue press releases.

Like the "Tesla" front company that comes out with a fundraising press release every three months.

17 posted on 08/21/2008 11:31:19 AM PDT by sam_paine (X .................................)
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34 posted on 01/25/2010 4:51:56 PM PST by sam_paine (X .................................)
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To: vpintheak

There is plenty of power in CA because all the manufacturing has left.


35 posted on 01/25/2010 4:54:05 PM PST by BurbankKarl
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To: coaltrain

I support all-electric cars and the nuclear plants to provide the power supply.


36 posted on 01/25/2010 4:54:19 PM PST by votemout
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To: NormsRevenge

I hope they design the plant so that it can be used for something else once the electric car stops being a fad we cannot afford.


37 posted on 01/25/2010 4:57:38 PM PST by Venturer
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To: NormsRevenge
Tesla Model S ...

If they can keep the cost at estimates, this is only 9,000 more than the GM Volt ... and it's all electric.

Pretty nice car, IMO.

38 posted on 01/25/2010 4:59:36 PM PST by al_c (http://www.blowoutcongress.com)
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To: NormsRevenge

is this where all the green jobs are?


39 posted on 01/25/2010 5:02:02 PM PST by dalebert
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To: Yo-Yo
Literally dozens of closed auto plants scattered across this nation, along with trained workforces, and Tesla has to build a new plant in Silicon Valley, one of the highest real estate markets in the nation?

They are not seriously in business. It's all paper. IPO's, pump and dump, etc.

40 posted on 01/25/2010 5:02:49 PM PST by Gorzaloon (GET him AWAY from the CAMERA!! They are all figuring it out!!!)
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To: babygene

Yes, thats a fact. No viable battery. The government saves a company thats all hat and no cattle. Using our money to keep it going when u=it should go under, because why? Its a company that is politically correct on energy.

Wet dreamers! They don;t have a battery! What will they do, hook the cars up to hprses? Buahahahahahaha!

Sheer Idiocy.Criminal use of tax money.


41 posted on 01/25/2010 5:05:34 PM PST by Candor7 (((The effective weapons against Oba- Fascism are ridicule, derision , truth (.Member NRA)))
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To: BookmanTheJanitor
"which will probably be protested/delayed/made more costly by environmentalists"

Don't kid yourself; that ridiculous pile of hazardous waste on wheels is the darling of the EnviroNAZI.

42 posted on 01/25/2010 5:22:07 PM PST by editor-surveyor (Democracy, the vilest form of government, pits the greed of an angry mob vs. the rights of a man)
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To: al_c

The Tesla being all electric is not a benefit.

What if you need to acclerate quickly in emergency manueurs or you are driving up a hill when traffic stalls? And your range is drastically reduced?

300 miles is IF they meet their battery targets becuase the batter does not exist yet.

This theoretical battery on a perfect day with perfect temperature and humidity with a feather left foot will reach 300 mile range.

We all know how often perfection with multiple variables happens.

What if your destination is 150-200 miles away?

What if your destination is only 100 miles away but you get stuck on the freeway for hours or get detoured?

It looks like a standard 5 passenger sedan but it says it is 7 passenger?

The Volt is a political statement for rich Greenies and Anti-Oil Hawks.

The Tesla is a toy for the super rich.

Nobody is his right mind that can afford one $50-60K car will get a Tesla.

After the Leonardo DiCaprio’s and Jay Leno’s of they world get their Volt, there will be many upper-middle class people that will buy a Volt as their only or primary car.


43 posted on 01/25/2010 5:24:05 PM PST by Reaganez
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To: jessduntno
Well, but a Palo Alto plant makes such good sense...cheap labor, low real estate costs, easy access to the auto supply industry (Gomer Pyle voice) “I could just go on and on...”

Oddly enough, all of those things are in fact available in the vicinity of Palo Alto. There's plenty of light industrial square-footage available for a song, the NUMMI plant in Fremont (just across the short Dumbarton Bridge) is closing and there are plenty of workers and suppliers looking for something to do, etc. Not to mention East Palo Alto.

I assume our Democratic Gods and Goddesses have something to do with this, because after all, this is their play area. Or maybe some of the executives responsible live in posh SF Peninsula neighborhoods and don't want to commute too much.

44 posted on 01/25/2010 5:24:26 PM PST by no-s (B.L.O.A.T. and every day...because some day soon they won't be making any more...for you.)
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To: wagglebee

There’s an empty plant in Fremont that they can probably get real cheap, and there are 7000 or so laid off employees of NUMI available...


45 posted on 01/25/2010 5:27:44 PM PST by editor-surveyor (Democracy, the vilest form of government, pits the greed of an angry mob vs. the rights of a man)
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To: Wolfie

Tesla won’t be paying anyone back; everything they’ve done has been on OPM and they’re running out of suckers.


46 posted on 01/25/2010 5:30:35 PM PST by editor-surveyor (Democracy, the vilest form of government, pits the greed of an angry mob vs. the rights of a man)
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To: editor-surveyor

I doubt they will stoop to take a “used” plant and the unions will probably make a case that California wages need to be double what they are in Michigan.


47 posted on 01/25/2010 5:31:06 PM PST by wagglebee ("A political party cannot be all things to all people." -- Ronald Reagan, 3/1/75)
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To: Azzurri
" Nothing more than a government subsidy for expensive toys for big Democratic Party donors in Silicon Valley."

Precisely!

48 posted on 01/25/2010 5:32:13 PM PST by editor-surveyor (Democracy, the vilest form of government, pits the greed of an angry mob vs. the rights of a man)
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To: BurbankKarl

Sure, but the power still comes from the EVIL oil or coal industry. Unless these things come with magical unicorn power!


49 posted on 01/25/2010 5:34:01 PM PST by vpintheak (How can love of God, Family and Country make me an extremist?)
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To: FastCoyote

The 45 minute charge is on a dedicated 300 amp circuit.


50 posted on 01/25/2010 5:34:54 PM PST by editor-surveyor (Democracy, the vilest form of government, pits the greed of an angry mob vs. the rights of a man)
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