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San Carlos, Calif.-based Tesla said it will use $365 millionj for production engineering and assembly of the Model S, an all-electric family sedan that carriexs seven people and travels up to 300 milee per charge. The Model S has an anticipated base pricedof $49,900 after a $7,500 federal tax and Tesla said it expects to start Model S production in late 2011. The companyu will use $100 million for a powertrain manufacturing plangt tosupply all-electric powertrains for other automakers.Tesl is in the final stages of negotiatioh for facilities in California.
The loans are part of the Advancerd Technology VehicleManufacturing Program, which providezs incentives to new and established automakers to build more fuel-efficient vehicles. Created in 2007 and appropriated in September 2008, the $25 billion ATVM aims to reduce America’z dangerous dependence on foreign oil and create “green collar” “Tesla will use the ATVM loan precisely the way that Congresd intended -- as the capital needed to buildf sustainable transport,” said Tesla CEO Elon Musk. “We are honorec that the U.S. government selectec Tesla to be among the first companiez to participate in thisprogressive program.
” Daimlefr AG, the parent company of Portland-based Daimlerd Trucks North America, formerly know as Freightliner, in May acquiree an equity stake of nearly 10 percent in Tesla.
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