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 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 | |
PROJECT PHOTOS
