The Obama Administration’s Energy Secretary, Steven Chu, has announced electric car company Tesla will be lent $US456 million to develop an electric sedan and the accompanying battery packs.
The loan comes from a $US25 billion fund designed to assist carmakers restructure their companies so they can produce vehicles that are 25% more fuel-efficient than their 2005 models.
So far, $US8 billion has been loaned to Ford, Nissan and Tesla.
“We have a historic opportunity to help ensure that the next generation of fuel-efficient cars and trucks are made in America,” Obama said in a statement.
“These loans… will create good jobs and help the auto industry to meet and even exceed the tough fuel-economy standards we’ve set while helping retain our competitive edge in the world market.”
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