The Department of Energy announced yesterday that it would be lending out about $8 billion to various car companies to help them develop high-tech, fuel-efficient cars. Ford's getting $5.9 billion to retool factories in five states, and Nissan's set to get $1.6 billion to convert a factory in Tennessee so it can produce electric cars.
The third loan is going out to Tesla Motors -- they're getting $465 million. The company is devoted to developing and manufacturing affordable electric cars, and is hoping to have them on the road by 2011. It was started by Elon Musk, the Paypal founder whose other venture also involves futuristic technology -- he's one of those billionaires that wants to get us into space.
categories: Energy
