LOS ANGELES—Tesla Motors Inc. has received a $465 million low-interest loan from the U.S. Department of Energy to build two manufacturing plants in California.
The loan agreement Energy Secretary Steven Chu announced Jan. 21 is for construction of a facility in Southern California to build the company’s Model S sedan and a powertrain plant in Palo Alto.
Both plants are expected to create over 1,600 jobs.
“This is an investment in our clean energy future that will create jobs and reduce our dependence on foreign oil,” Chu said. “It will help build a customer base and begin laying the foundation ...
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