The federal funding of $465 million which Tesla Motors scored in June of last year is now officially official. The first $100 million is dedicated to building Tesla's powertrain while the remainder will actually build the car. All in all, the loan will create 1,600 new jobs in the Bay Area.
Tesla's VP of business development, Diarmuid O'Connell, said the first facility would be built in Stanford Research Park. Tesla CEO Elon Musk added, "We are honored that the US government selected Tesla to be among the first companies to participate in this visionary program. This loan will allow us to further accelerate the production of affordable, fuel-efficient electric vehicles."
The facility will also develop components for other electric vehicles for car makers such as Daimler.