The US Department of Energy (DOE) has announced $15 million in new funding for efficient transportation. The funds will support community based projects, focusing on adoption of alternative fuel vehicles, deployment of connected and autonomous vehicles, and new transportation system models. The DOE's Office of Energy Efficiency and Renewable Energy wants to accelerate the adoption of alternative fuels, demonstrate new technologies, and share best practices nationwide. Read more from the DOE.
Tesla has secured $500 million in new borrowing capacity. As it expands electric car production, battery manufacturing, and integrating SolarCity's solar energy business, the company has made agreements with lenders to boost borrowing power. According to a regulatory filing, Tesla and a subsidiary increased a line of credit with Deutsche Bank by $200 million to $1.2 billion, and increased a separate credit facility by $300 million. Analysts have expected Tesla to need an influx of cash with these expansions. Read more at Automotive News.
Tesla is raising the prices of its electric vehicles in the UK following the Brexit vote. The company will increase the price on some cars by five percent in 2017, as the value of the pound has dropped in the wake of the UK's decision to leave the European Union. An email from a Tesla store manager to customers in Edinburgh, Scotland clarified that while custom orders will cost more, the prices of showroom models and pre-owned vehicles won't be affected. Read more from Bloomberg.