After a rough for few months it seems there is a glimmer of hope on the horizon for troubled electric car manufacturer Tesla Motors.
According to Elon Musk, the company’s chief executive and chairman, the Department of Energy has informed Tesla that it expects to distribute funds within four or five months – giving a timely boost to the company’s plans to build an electric car factory in California.
Tesla did not say that its loan application has been approved and indeed an energy department spokeswoman has confirmed that no final decisions for specific applications have been made at this point. However, it’s clear that Tesla has room for optimism after requesting $450 million from the $25 billion loan programme aimed at making US factories retool so they can build more fuel efficient vehicles. Tesla wants $350 million to retrofit a factory to assemble its Model S electric saloon car and $100 million for its battery supply business.
Indeed the request from Tesla is dwarfed by those from the major car manufacturers in Detroit – each of which has requested upwards of $5 billion each.
So far the company has produced more than 200 Roadsters at its Lotus factory in England but has more than 1,000 customers on its waiting list.
Tesla also hopes to unveil a working prototype of the Model S on March 25 at Space Exploration Technologies.
