According to The Detroit News, Tesla said that it would not open the $250 million San Jose manufacturing facility intended for the planned $57,499 Model S sedan unless it received a $350 million loan from the government. "We can't move forward with that without a major amount of capital," CEO Elon Musk said. "If we don't get any government funding, then what we need to do is we need to wait until the capital markets recover, which could be a year or two years from now."