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.
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.