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The Tesla Motors Corporation announced that it would occupy 3 buildings in the Stanford Research Park to serve as its corporate headquarters and powertrain-production factory. Tesla obtained $465 million in loans from U.S. Government stimulus money dedicated to stimulating the production of fuel-efficient passenger cars. The Palo Alto site would initially serve 350 employees making the $109,000 Tesla Roadster. Tesla began selling its two-door convertible vehicle in early 2008.

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