Detroit 3 gets Dec. 2nd deadline to justify $25 billion loan, Tesla asks for $400 million

Posted: Nov 22, 2008
Filed under: Chrysler, Ford, GM, Hybrids, Green News, Industry News

Guess what? The Big 3 aren’t the only American automakers looking for a piece of $25 billion from Congress. Start-up automotive company Tesla Motors, who not to mention just secured $40 million in funding, has also applied for some financial aid.

Tesla Motors said that it has submitted its application for about $400 million in loans for two projects. We’re guessing the two projects include the Model S Sedan and a sub-$30,000 electric-car.

As for the latest updates for the Big 3. Legislators have given GM, Ford and Chrysler a Dec. 2nd deadline to provide a detailed plan as to how the $25 billion in loans will help them remain reliable in terms of providing better products and how the tax payers and auto works will be better served.

Source: Fox News (via TTAC)

Related Posts:

  1. Tesla will use $365 million from DOE loan for production of Model S
  2. GM asks U.S. for $2.6 billion loan to produce three hybrid vehicles, two will be Volt spin-offs
  3. Senator asks Obama to require Chrysler to payback loan if Fiat takes control
  4. Tesla looking for $350 million in government loans to build electric-sedan
  5. Chrysler secures $2 billion loan, Daimler pays $1.5 billion of it

Tags: ,


  • Bobmarley
    Let them file chapter 11... that in itself is a bailout. This will allow them to break UAW contracts and force them to make changes to turn the company around ...if possible? But breaking the UAW contracts is the first thing that needs to be done.

    If taxpayers didnt want to pay for their products in the first place, then why should the taxpayers pay for nothing in return now? ....and yes i said "pay", even though they call it a "loan"? GM has been going down steadilly for the last 20 years.... I dont think selling 10,000 Volts in 2010 is enough to save them

    ...sucks, but its the truth
  • johnm
    I think the gov should subsidize any starting auto company that is using alternative energy. Not for detroit 3, I don't even own their car, so why should i pay for their failure?
blog comments powered by Disqus