Tesla Motors to Receive $350 Million in Loans

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Tesla Motors has shipped 200 completed Roadsters, with 1,000 more waiting for delivery, the company said in a statement Wednesday. The car is also sold out through November. The company said that the Roadster has a smaller carbon footprint than a Prius, even in the worst possible case where all of the electricity comes from coal.

Next up, Tesla plans to unveil the Model S sedan—a four-door electric car at a lower price point—on March 26th at the Tesla design studio located within the SpaceX rocket factory. Despite recently putting its San Jose-based factory construction on hold, Tesla still plans to put the car into production for 2011.

The company’s shrewd loan application to the government has also been approved. It expects to receive $350 million in loans over the next four to five months, in addition to the $40 million of venture capital it recently signed up. The company also said it is still on track to develop an electric version of the Smart in a partnership with Daimler.

Finally, Tesla addressed what it said was a top concern from potential customers: the battery. Tesla engineers claim that a Tesla battery pack should last approximately seven years or over 100,000 miles under normal use, and that it will cost $12,000 to receive a replacement pack in seven years. The company will also pro-rate it so that it costs less if a customer decides to do it earlier.

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