DoE Tosses Tesla a $465 Million Loan to Make Mass-Market Electric Cars

The Department of Energy is handing out nearly $8 billion in loans today, and $465 million of the funds will go to Tesla Motors to produce its Model S electric sedan, the company's first attempt at a mass-market car. The company already manufactures the Roadster, a high-performance electric sports car. Nissan and Ford Motor Company will receive the other loans; they'll get $1.6 billion and $5.9 billion, respectively, to help produce fuel-efficient cars. Nissan will use the funds updating a plant in Tennessee to produce the company's upcoming electric sedan, and Ford's loan will help expedite production of cars that go farther on less fuel.