Feds lend Tesla $465 million to build electric car.

(WIRED) -- The Obama Administration will lend Tesla Motors $465 million to build an electric sedan and the battery packs needed to propel it. It's one of three loans totaling almost $8 billion that the Department of Energy awarded Tuesday to spur the development of fuel-efficient vehicles.

Energy Secretary Steven Chu announced that the Department of Energy is also lending $5.9 billion to Ford to retool factories in five states. Nissan will receive $1.6 billion to refurbish a factory in Tennessee to produce electric cars.

The loans are the first awarded under the $25 billion Advanced Technology Vehicle Manufacturing Program to help automakers offset the cost of retooling to build eco-friendlier cars that are at least 25 percent more fuel-efficient than 2005 models.

"We have a historic opportunity to help ensure that the next generation of fuel-efficient cars and trucks are made in America," the president said in a statement. "These loans -- and the additional support we will provide through the Section 136 programs -- 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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Source

Well this is interesting, seems they are making big strides in the auto industry over here. Althought I don't know how much of it believe. They had the electric car in the 80's and the squashed it.

There's still no word on where the factories will be located, but Musk said they most likely will be in California. An announcement could come as early as next month, he said. As for the Model S, Musk said it could share components with Mercedes sedans now that Daimler has a stake in Tesla.

Good news for Californians then. At least they will see some new jobs when these factories open up. As long as they keep paying the Hydro bill to BC .

Any thoughts folks?

~Keeper

And what is going to provide all of that electricity to power these new electric vehicles? Coal plants! YAY!

A huge increase in demand for electricity will lead to huge increases in electricity prices as well. YAY!

Tax losses from falling gasoline sales will lead to increased taxes among other goods. YAY!

Originally posted by SuperSecretSquirrel
And what is going to provide all of that electricity to power these new electric vehicles? Coal plants! YAY!

A huge increase in demand for electricity will lead to huge increases in electricity prices as well. YAY!

Tax losses from falling gasoline sales will lead to increased taxes among other goods. YAY!

Yay!

That's pretty much what will happen too. The government just loves to milk us of all our hard earned money. Money that shouldn't even exist, nor should it even be looked upon as importantly as it is now.

Edit: Put my words in the quote hehe.


[edit on 24-6-2009 by AboveGeneric]

reply to post by SuperSecretSquirrel


Your points are valid, but as they often say in the industries, don't let prefect be the enemy of action. There is not "clean" way to start down this road, but the very idea of consolidating the energy industry into the grid will enable electricity industry to consider how to optimize better and utilize small scale plants across the grid.

Now that being said, I don't think the big electric firms will adapt very well. It will be small ma and pop electric providers. They don't exist in the US yet, but I can see them starting soon. Imagine putting together a small renewable plant that takes advantage of a big empty commercial lot to generate electricity for the neighborhood. Then multiply this across all the empty lots in the U.S. right now.

They are talking the electric company would buy the excess power back from your car if it's more than you need. Like solar or wind they will only give you a few cents compaired to what they charge. My house will have solar within a year and I have an old meter that can spin backwards.

mikell

reply to post by rogerstigers


Thanks for the great points, I agree with you. Regardless of who is at the helm of this energy transformation, it's not a clear cut road. The Grid in the West is very..dirty, and un-organized.

I think it will take perhaps another decade or so before we begin to see the real strides in renewable energy.

~Keeper

That'll be so funny if people have to buy gas powered generators to 'fuel' their electric cars.

One step forward, two steps back.

This is an absolute abuse of taxpayers' money. The government has absolutely no business in the car business.

It was bad enough they bailed them out -- now they are funding individual automotive projects.

reply to post by lpowell0627


As much as I respect tax payer money, it doesn't really exist and fretting over something that really doesn't exist is kinda silly is it not?

And truly, it is a worthwhile program if they actually develop it properly. I mean, come on, much better electric than the gas guzzling pieces of junk we drive around now.

Mind you I am Canadian and we don't have these ridiculous things going on in our country since were poor, I'd be happy if they wanted to give some money so they could develop a better vehicle.

~Keeper

reply to post by lpowell0627


The automotive industry aside, this was part of a seperate stimulus package that provided loans to businesses for developing demonstrably effective technology for improving energy efficiency in the U.S. This one just happens to involve cars. Hopefully Nanosolar will get some of that money too so that they can expand and fulfill their massive backorder log. I would also like to see a few other projects finally take root because of this money.

I love the design of the Tesla Roadster! - I would love to have one

Interesting to see what kind of sedan they can come up with?

It have to be very light, and therefore it will be a small car - but the design of new electric cars is also important.

I like the concept of the Toyota Prius hybrid, but I hate the design! it's butt ugly - Yuk!

Why would it be so damn difficult to make alternative cars a little bit sexier and more beautiful??

reply to post by tothetenthpower


But see, taxpayer money does exist! I pay more than $18K/year in Federal taxes. Money that my family works more than 75 hours per week to make. So yes, i certainly think it's my money.

Unless we start realizing that it is OUR money, we will never take a stand and we will continue to have ridiculous amounts of waste, programs that don't work, projects that never succeed or get finished, and our taxes will continue to go up to pay for it all!

reply to post by rogerstigers


I am 100% behind companies improving their products to reflect the needs of the world. I would love to never have to buy gas again.

That being said, let them do it on their dime. Have it funded privately. Hell, have the company themself pay for it.

Just don't have it funded by the Federal Governement.

You all can't see the forest for the trees.

We're still using 1930's technology with our pushrod V8 engines.
Why do you think that we don't see Harley's or Chevy/Chrysler/Ford engines wining Grand Prix races ?

The Rockefellers and their oil dominance/enslavement over the US populace IS/ARE the TPTB.

Why do you think that GM has been bailed out ? GM was begun by the Rockefellers, think about it , they founded GM and then eliminated all of their competition the street car companies and ...began a major car company dependent on cars fueled by Gasoline !

Did you know that Otto Diesel designed his engine to run on peanut oil ?
But the powers would lead you to believe that you are "required" to buy only their petroleum based toxic and carinogenic diesel fuel ?
Bio Diesel works just as well and is entirely less toxic.

New solar cells work with infrared AND ultra violet light.
That means they work on cloudy days as well as sunny essentially doubling the efficiency.

What if these were as common a fixture on American homes as furnaces/hot water heaters ?

bye bye TPTB owned utility companies.



If we don't begin to break our dependence upon the TPTB robber barons then we'll never begin to break the current cycle of financial enslavement of Americans and this corrupt Dollar dominated lobbyist system we call government.


And finally,

Here's an electric car running sub 12second quarter miles and dispatching pushrod Rockefeller gasoline fueled pushrod V8 Corvettes in the process !

www.youtube.com...

reply to post by lpowell0627


I understand your viewpoint but this is the system we have right now and you can see that small start ups have a hard time getting the funding needed to suceeed. If these start ups have a great idea that competes with a well established tech, well the big boys will grab it up and seal it away unless they can find a way to make money with it. By giving taxpayer money out as loans (not grants) we can enable these folks. It's no differant than the National Science Foundation or the National Endowment for the Arts.

BTW, I pay about that much in taxes each year as well. I love these kinds of programs because I can kid myself into believing that my 16K in income taxes was just given to Tesla motors to create an electric vehicle that actually can be bought. Course I either want my money back when they are done, or a very inexpensive car to show for it. I will be entirely p*ed off if they develop these cars and the base econo-model is $16K-$20K.

Great Vid nh.

Yeah, electricity has potential, no doubt about it...if it's unimpeded and done with fairplay, but if there's one thing that profit demands, it's underhandedness. Ethics have no place in profitable economics, right.

If you want something done right, do it yourself, before they outlaw it.

Its an old engineering story.
Do nothing until the government pays for it.
Now the commercial industry is doing what the defense industry does.
A Tesla with batteries, shame shame.
Tesla would do better than that.

reply to post by rogerstigers


I agree with you 100% actually.

I just get so frustrated because "back in the day" companies were required to either succeed -- or fail -- all on their own.

If companies wanted to develop a new product, they did so on their own dime. Now, a lot of these companies simply hold their hands out to the US Gov't.

My problem lies in the fact that I believe if they had to use their own money -- and the success of their product development meant they were either going to be rich or out of business -- I think they would be a lot more careful about getting it right efficiently, and effectively.

I'm guessing a price-point of around $18, 500 -- if it ever even hits the road.

reply to post by nh_ee

We're still using 1930's technology with our pushrod V8 engines.
Why do you think that we don't see Harley's or Chevy/Chrysler/Ford engines wining Grand Prix races ?

Good try.

The Indy 500 race in Indianapolis each year bears some vestige of its original purpose as a proving ground for automobile manufacturers, in that it once gave an advantage in engine displacement to engines based on stock production engines, as distinct from out-and-out racing engines designed from scratch. One factor in identifying production engines from racing engines was the use of pushrods, rather than the overhead cams used on most modern racing engines; Mercedes-Benz realized before the 1994 race that they could very carefully tailor a purpose-built racing engine using pushrods to meet the requirements of the Indy rules and take advantage of the 'production based' loophole but still design it to be a state of the art racing engine in all other ways, without any of the drawbacks of a real production-based engine. They entered this engine in 1994, and, as expected, dominated the race. After the race, the rules were changed in order to reduce the amount of boost pressure allowed to be supplied by the turbocharger. The inability of the engine to produce competitive power output after this change caused it to become obsolete after just the one race. Mercedes-Benz knew this beforehand, deciding that the cost of engine development was worth one win at Indianapolis.

Source.

reply to post by SuperSecretSquirrel


I agree with you totally!

This thread, should've been posted in General Conspiracies because I smell conspiracy!!!