Note: Inaccurate press stories state that Tesla has applied for another ATVM loan. Those reports are wrong. Tesla has no pending applications before the DOE.
Given the latest buzz about possible changes to the U.S. Department of Energy’s Advanced Technology Vehicles Manufacturing Program, Tesla would like to highlight the invaluable impact its ATVM loan has had on job creation and the acceleration of U.S.-based, gas free, electric vehicle technology:
1) We received our $465 million loan in 2009, the majority of which was directed to expedite development of the Model S sedan. Designed and manufactured in the United States using Silicon Valley technology, Model S will be the first zero-emission, zero gas, purpose-built EV on the market by mid-2012, a timetable we are on schedule to meet.
2) The remaining portion of the loan has helped us expand our electric powertrain-development activities. Tesla has partnered with Mercedes Benz-parent Daimler and Toyota to produce several electric vehicles at increasing volumes. As a result of those agreements, the United States is once again exporting cutting-edge automotive technology to Japan and Germany.
3) Since receiving the loan -- which demonstrated confidence in our technology and business plan -- and based on our continued ability to execute successfully on that plan, Tesla has raised an additional $620 million in private investment capital.
4) Prior to receiving the ATVM loan, Tesla employed 400 people. Since the loan’s closure, we have purchased the former NUMMI plant in Fremont, CA. With Tesla’s continued expansion at its headquarters in Palo Alto, the opening of new markets around the world, and the recent acquisition of the Tesla Factory in Fremont, Tesla has added over 1,000 new jobs. We project the addition of another 1,000 in the coming year.
5) A loan is a loan. With over 6,000 reservations for Model S, we’re looking forward to paying back our loan on schedule. Until then, we will continue to execute on the ultimate goal of building mass-produced EVs at affordable prices. Tesla will not rest until every vehicle on the road is electric.