It's a good news day for Tesla Motors, the electric-carmaker behind the Tesla Roadster.

Tesla said the Department of Energy has granted the company $350 million in loans, to begin within the next five months. The loans will be used to produce the Model S sedan, a four-door, five-seat electric vehicle now expected to go on sale by 2011.

The company also reported - somewhat unexpectedly - it expects to be profitable by mid-2009 thanks to the $109,000 Roadster, which sold out its full production capability for 2008. Tesla will unveil a drivable prototype of the Model S on March 26 at the SpaceX rocket factory.

No clues yet on pricing for the Model S, but logic suggests it would need to be in the same price range as the much-anticipated Chevy Volt in order to compete.

In an added bonus, if you had the foresight and resources to purchase a Roadster, you'll be first in line for the Model S and receive a $10,000 discount.

And to think I put my $110,000 into Lehman Brothers stock . . .

© Copyright 2009 Globe Newspaper Company.