It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(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.
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.
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!
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 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.