AP: Tesla expects to get $350M in government funds

[OKIsItJustMe]

http://www.google.com/hostednews/ap/article/ALeqM5hYBV3wiZinGVGyUCeeoU5InoDd6QD969LKO00

Tesla expects to get $350M in government funds

By DAN STRUMPF

NEW YORK (AP) — Electric-car maker Tesla Motors Inc. said Wednesday it was told by the U.S. Department of Energy that its application for $350 million in government loans should be disbursed in the next four to five months.

The San Carlos, Calif.-based company said the funds will go toward building the factory that will ultimately produce its Model S four-door sedan, which will go on sale in 2011.

Tesla spokeswoman Rachel Konrad said Tesla has not yet received final approval for the loan, which comes from a $25 billion loan program designed to help automakers retool plants to build more fuel-efficient vehicles.

"The Department of Energy has made no final decisions on specific applications for the auto loan program," said Department of Energy spokesman Phil West.

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[NNadir]

1. Subsidize the rich!!!!!

They need it, since the peons are more used to pain than they are.