30 Sep '11, 1pm

Tesla ditches plans to ask for second loan

Tesla ditches plans to ask for second loan

Electric super car maker Tesla isn’t going to ask for further loans from the US governments, the firm’s CEO confirms today. Speaking to The Detroit News , the firm’s boss Elon Musk said plans to apply for a second loan from the country’s Department of Energy (DOE ) have been dropped because it already has sufficient funds to bring its new Model S car into production, set to launch mid-2012. Musk told reporters: "We don’t need any additional DOE funding. We will not be applying for any." Back in 2009, Tesla secured a $465 million government loan to help it bring its new family saloon model to the road. Following from the success of its first model, the Roadster , known for being the fastest production electric car of its time, the Silicon Valley company planned a new direction, seeking to expand its range to appeal to families too. Its Roadster model was ground-breaking, he...

Full article: http://www.thegreencarwebsite.co.uk/blog/index.php/2011/0...

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