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

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)