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TESLA LOAN

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PROJECT SUMMARY

In January 2010, the Department of Energy issued a $465 million loan to Tesla Motors to produce specially designed, all-electric plug-in vehicles and to develop a manufacturing facility in Fremont, California to produce battery packs, electric motors, and other powertrain components for powering specially designed all-electric vehicles.

TECHNOLOGY INNOVATION

Tesla manufactures the Model S, the first zero-emission, zero-gas, full-size electric vehicle on the market.  In addition, Tesla has produced battery packs, electric motors, and other powertrain components that will power all-electric, plug-in vehicles—not only Tesla’s, but also those of other vehicle manufacturers.

ECONOMIC IMPACT

Tesla created more than 1,500 jobs at its ATVM-supported facilities. The Department of Energy’s investment in Tesla supports the commercial-scale deployment of advanced technologies that help keep American auto manufacturers competitive in the growing global market for advanced vehicles. Tesla is now the largest automotive employer in California and Fremont is becoming a hub of advanced technology manufacturing.

CLIMATE BENEFIT

Tesla has manufactured vehicles at ATVM-supported facilities that are estimated to save 5,870,000 gallons of gasoline and prevent 52,000 metric tons of carbon dioxide emissions annually.

 

PROJECT STATISTICS: TESLA

PROJECT SUMMARY

Owner

Tesla Motors

Location

Fremont, California

FINANCIAL SUMMARY

Loan Program

ATVM

Loan Type

Direct Loan

Loan Amount 1

$465 Million

Issuance Date 2

January 2010

ECONOMIC IMPACT

Permanent U.S. Jobs Supported

1,500

CLIMATE BENEFIT

Gallons Of Gasoline Saved Annually

5,870,000

CO2 Emissions Prevented Annually

52,000 Metric Tons

NOTES

All information up-to-date as of June 2017.

1 Approximate amount of the loan facility approved at closing including principal and any capitalized interest.

2 Loan fully repaid in May 2013

 

RELATED PROJECT LINKS

Driving Economic Growth: Advanced Technology Vehicles Manufacturing
5 Ways Electric Vehicles are Changing the World
Electric Vehicle Manufacturing Taking Off in the U.S.
Moniz: Tesla Repayment Shows the Strength of Energy Department’s Overall Loan Portfolio
Obama Administration Awards First Three Auto Loans for Advanced Technologies to Ford Motor Company, Nissan Motors and Tesla Motors

PROJECT PHOTOS

Tesla Motors
Tesla Motors
Tesla Motors
Tesla Motors
Tesla Motors

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