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Federal Loan to Electrify Sports Cars

Submitted by LiveScience Staff

posted: 24 June 2009 01:27 pm ET

: The Roadster Sport, an electric vehicle built by startup Tesla Motors, begins to redefine what electric cars might look like. Credit: Tesla Motors

Upstart electric car maker Tesla Motors will get a $465 million loan under a $25 billion program set up during the Bush administration as an offset to higher fuel standards.

The program is aimed at helping automakers retool to produce more fuel-efficient or electric vehicles. Congress was slow to actually fund the program, however, so this week's announcement involves the first loans.

Tesla, which already makes an electric roadster, remains dwarfed by the competition. Ford will get $5.9 billion from the same program, and Nissan snagged $1.6 billion.

Read full story at The Detroit News

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