Disclaimer: A friend of mine was laid off from Tesla.
I think their demand for government money says more about their greed than their viability. If this government subsidy weren't available then they'd be raising capital in the private market, as private ventures ought to.
But the sort of people who normally invest in such ventures are annoying and demanding. If the company does well, they want to share in that profit. If they invest a lot of money, the kind of money that Tesla's looking for, then they might even want a say in how things are run.
A cheap government loan gets around all that. Taxpayers are suckers. We'll loan Tesla $350 million and not demand a single share of stock or a seat on the board. If Tesla crashes and burns then we lose all of the investment, as do the current shareholders. The difference is if Tesla takes off and becomes hugely profitable, then all we get is the interest on the loan. The rest of the profits go to the guys who put in the first $200 million.
So this isn't really a bailout. It is, however, and attempt to privatize profits while socializing losses.