So is it a grant or a loan?
The article (and the writer) can't seem to make up their minds ...
... if it's "In the form of low interest loans" then the money has to be repaid, so (providing adequate financial provisions are in place) it doesn't cost the US taxpayer *anything* as the money will be coming back *and* it provides US jobs, thus bringing in more tax money ...
... and the point of this money is to develop the technology and bring down the prices of "bog standard" cars to the point where we can afford to buy one.
Tesla's first cars were mightily expensive, but according to the current court case, they still cost something like 50% more in parts to build than their sticker price (something like $150k per vehicle against a $80-$90k OTR)
And obviously someone needs to standardise recharging sockets, battery packs etc. so doing the design, getting the agreements etc. is going to take time and cost money ... so it's good that there's money being advanced to let Ford, Nissan etc. spend the money on the new technology. And Tesla are producing and selling electric cars, which is more than you can say for many car companies, so providing them with low interest loans to enable them to expand sounds like a great idea to me.