Feeds

Tesla cashes multi-million dollar govt cheque

For expanding its e-car business

SANS - Survey on application security programs

Leccy Tech Tesla Motors has secured itself a whopping funding package from the US government which the company plans to use to further its standing in the e-car business.

Under the terms of the deal, the Californian firm will receive $465m (£285m/€333m) of US federal wonga.

The grant will be in the form of low interest loans from the Advanced Technology Vehicle Manufacturing Program (ATVMP) – a federally funded loans scheme for car firms and related businesses to help cover the cost of re-equipping, expanding or establishing US-based manufacturing facilities for production of advanced technology and low emission motors.

Of that sum, Tesla plans to use roughly $100m to create an electric vehicle drive train manufacturing facility where motors, chargers, control systems and battery packs for Tesla's own vehicles and for third-party car makers will be built.

The remaining $365m will be used by Tesla to build a production factory for the gorgeous Model S e-car, which the firm plans to release in North America during 2011.

Both plants will be in Tesla's home state of California, and it’s believed that the firm’s already in negotiations over several potential plots.

But the value of the Obama administration's handout to Tesla pales in comparison to the value of its loans to other car firms.

For example, Nissan’s received a $1.6bn (£980m/€1.15bn) loan to expand its factory in Tennessee, with the aim of producing 150,000 electric vehicles and 200,000 battery packs per annum from late 2012.

Ford’s also set to receive $5.9bn (£3.6bn/€4.2bn), which it’ll use to improve fuel efficiency across its range. The cash will also be used to develop Ford’s EV line-up, including its leccy van fleet currently in development with UK firm Smith Electric Vehicles.

Since both General Motors and Chrysler are currently undergoing Chapter 11 bankruptcy proceedings, neither firm was eligible for grants under the current round of ATVMP funding.

But, more to the point, both car firms have already been on the receiving end of substantial amounts of US tax dollars.

In total the ATVMP has provision to loan $25bn (£15.3bn/€18bn) in funds and, during this first round of disbursement, one-third of the money was allocated. ®

3 Big data security analytics techniques

More from The Register

next story
So, just how do you say 'the mutt's nuts' in French?
Vital linguistic question interrupts LOHAN spaceplane mission
95 floors in 43 SECONDS: Hitachi's new ultra-high-speed lift
Guangzhou skyscraper denizens to hold on to hats
Most Americans doubt Big Bang, not too sure about evolution, climate change – survey
Science no match for religion, politics, business interests
KILLER SPONGES menacing California coastline
Surfers are safe, crustaceans less so
Discovery time for 200m WONDER MATERIALS shaved from 4 MILLENNIA... to 4 years
Alloy, Alloy: Boffins in speed-classification breakthrough
LOHAN and the amazing technicolor spaceplane
Our Vulture 2 livery is wrapped, and it's les noix du mutt
Liftoff! SpaceX Falcon 9 lifts Dragon on third resupply mission to ISS
SpaceX snaps smartly into one-second launch window
STEALTHY NANOROBOTS dress up as viruses, prepare to sneak into YOUR BODY
Cloaking techniques nicked from viruses tackle roadblocks on way to medical frontier
prev story

Whitepapers

Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.