Auto Industry, Tesla | featured news

The Obama Administration will lend Tesla Motors $465 million to build an electric sedan and the battery packs needed to propel it.

The government is poised to disclose that Ford, Tesla and Nissan will be among the first beneficiaries of a $25 billion loan program to help develop fuel-efficient vehicles.

While automakers lay off staff and shut down plants in response to the economic downturn, one automaker announced Thursday that it will open a manufacturing plant in the United States, potentially creating hundreds of jobs in the area eventually chosen.