autoevolution
 

Tesla Repays DOE Loan Nine Years Early

Electric vehicle automaker Tesla Motors announced that it has paid off the entire loan awarded by the Department of Energy (DOE) in 2010. By wiring the final $451.8 million yesterday, Tesla has repaid its whole debt, including interest, nine years early.
Elon Musk 1 photo
Photo: luxatic.com
The payment was possible after the company raised more than one million dollars in last week’s stock sale. Following Tesla’s first ever profit in first quarter 2013, the California-based EV manufacturer’s stock climbed as high as $92.

“I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the ATVM program, and particularly the American taxpayer from whom these funds originate,” said Elon Musk, Tesla’s chief executive officer. “I hope we did you proud.”

Tesla claims that it has become the only American car company to have fully repaid the government.

"When you're talking about cutting-edge clean energy technologies, not every investment will succeed - but today's repayment is the latest indication that the Energy Department's portfolio of more than 30 loans is delivering big results for the American economy while costing far less than anticipated,” said US Energy Secretary Ernest Moniz in a press statement.
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram X (Twitter)
About the author: Ciprian Florea
Ciprian Florea profile photo

Ask Ciprian about cars and he'll reveal an obsession with classics and an annoyance with modern design cues. Read his articles and you'll understand why his ideal SUV is the 1969 Chevrolet K5 Blazer.
Full profile

 

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories