We haven't heard much from Tesla of late, but that may be because the upstart electric car maker is hard at work getting the Model S to market, as promised, before the end of 2012. The Model S itself is the product of a $465 million loan from the U.S. Department of Energy, but that's not the last round of loans Tesla has its sights set on.

SF Gate reports that Tesla has asked the DoE for another loan. Tesla spokeswoman Khobi Brooklyn reportedly confirmed that the loan application was completed, adding that the money would be used "in our continued mission to make more affordable electric vehicles." Tesla hasn't yet detailed the amount of money that has been requested, nor has it indicated if specific models would be built with the money.

The confirmation of a DoE loan request comes one week after Tesla defended the DoE's $25 billion clean energy loan program in the wake of the Solyndra solar panel bankruptcy scandal. Tesla points out that the Tesla loan resulted in 1,000 jobs and another 1,000 expected in the year ahead.


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  • 60 Comments
      Fubar
      • 3 Years Ago
      by my basic math each confirmed job and not additional potential job cost over $400000. I'm all for performance cars but this has got to stop. I'm a chef and for the cost of 1 of tesla's jobs I could open a restaurant and create 20-30 jobs and keep adding from there.
        Anthony Eckstorm
        • 3 Years Ago
        @Fubar
        I am all for more jobs. A chef makes good money, but everyone else around the chef doesn't make ****. The government is making a lot of low pay jobs or temp jobs. It's nice to see the government put money into jobs for people that want to use that degree they spent 40,000 for.
          MR my rights
          • 3 Years Ago
          @Anthony Eckstorm
          the goverment does not create jobs, employers do! and if the employer borrows a loan and loses or steals the money you can't say how much each job cost !! Stimulis money is a discounted loan to be repaid but if the bussiness fails, we are all on the hook. Don't be a hate r or a fool
      Sukairain
      • 3 Years Ago
      How about no more hypes, no more loans, no more BS and no more delays? Show us the goods, and then we'll talk.
      Basil Exposition
      • 3 Years Ago
      I think this is fine, as long as the interest charged is the full retail percentage and Musk himself becomes personally liable for repayment in the event of default by Tesla.
        • 3 Years Ago
        @Basil Exposition
        [blocked]
        • 3 Years Ago
        @Basil Exposition
        [blocked]
      MANARC100
      • 3 Years Ago
      This is a bad sign. Clearly they are not making money or even have a half way decent revenue stream because they are not building much of anything to sell. The amount of capital that private and gov't have poured in thus far is not sufficient to develop a product. Time to rethink the business plan here. They probably make more senese as an electric vehicle engineering company and maybe battery production. This way they can sell the tech and batteries to others and forget about trying to mess with whole vehicles....be the Getrag of electric cars.
      chadnola
      • 3 Years Ago
      They should get it and a whole lot more. In fact, there should be flat out handouts to a company that is propelling us forward. All those big tax breaks given to the oil companies...how about letting some of those pay for development of cars such as what they make.
      Clipper44
      • 3 Years Ago
      This is gonna end in a miserable failure for both Tesla and the taxpayer. I'm not sure even Leo DiCaprio can afford to buy enough of these things to keep them afloat.
      ammca66564
      • 3 Years Ago
      Dear Department of Energy: We have recently found that engineering and bring to market a new car is quite expensive. Hundreds of millions of dollars! Who knew? Anyhoo, could you spare of $465. Million, right. xox, Elon Musk
      me
      • 3 Years Ago
      How about no until they sell something that isn't a Lotus with batteries and an electric motor.
      • 3 Years Ago
      [blocked]
      Mike K
      • 3 Years Ago
      Are you ******* kidding me?!?!?! More loans for vaporware??!? GTFO!
      • 3 Years Ago
      [blocked]
        johnb
        • 3 Years Ago
        It doesn't matter how much money is wasted, how many people lose their jobs or how much debt is racked up on future generations when you are trying to save the earth. How dare you question Barry's good intentions?
          • 3 Years Ago
          @johnb
          [blocked]
      350Zed
      • 3 Years Ago
      $465,000,000 loan defended by hiring 2000 workers? Since when are assembly-line grunts worth $232,500 per head???
        • 3 Years Ago
        @350Zed
        [blocked]
        axiomatik
        • 3 Years Ago
        @350Zed
        People obviously don't understand the purpose of loans like these. The purpose isn't just to create xxx number of jobs. The purpose is to build an industry. This is why China is eating America's lunch when it comes to manufacturing. China is willing to put up the big bucks to establish industries in a way that the US isn't. Why did Solyndra fail? China pushed PV manufacturing hard so that by the time Solyndra's new factory was open, Chinese cells were already cheaper than Solyndra could make them. The Tesla loan isn't just about the number of people employed by Tesla. It's about creating a viable electric vehicle industry. It's about creating a network of suppliers to feed that industry. It's about weaning the US off of foreign oil because we spend $300 Billion dollars a year buying foreign oil and even more money protecting our interests in oil-producing regions. Every year, $300 Billion leaving our economy and feeding the economies of other countries.
          Smooth Motor
          • 3 Years Ago
          @axiomatik
          You are naive if you can't see the politics in this. The purpose of loans like these is to appease Obama's environmental base/buddies.
          throwback
          • 3 Years Ago
          @axiomatik
          Well, the current administration ONLY talks about "green" jobs and how they will make up for the jobs the economy has lost. Every time these loan guarantess come up they say it's about "jobs", so why wouldn't we expect more jobs to come from these loans?
        DrEvil
        • 3 Years Ago
        @350Zed
        I am not going to attempt to breakdown the numbers for you, but it is criminally stupid or blatantly dishonest to attempt to claim that this pot of $$$$ was solely intended for hiring of 200 people. When companies borrow money, the bulk of said money usually goes into R&D, or product. No product, then why are you hiring these people? An attempt at a Guiness-Book-of-Records circle jerk? It irks me how dishonest people can be. Musk and Company either over promised or under estimated the task at hand.
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