Tesla paid off the entire balance of DOE loan

Article by Christian Andrei, on May 23, 2013

Tesla Motors announced today that it paid off the entire balance of its U.S. government loan awarded to the company by the Department of Energy in 2010. What is very interesting is that Tesla paid off the entire balance nine year early, as the deadline was in 2022. "In addition to payments made in 2012 and Q1 2013, today's wire of almost half a billion dollars ($451.8M) repays the full loan facility with interest," said Tesla in a statement.

As a result, Tesla Motors becomes the only American car company to have fully repaid the government [under the DOE program]. The loan was paid using a portion of the approximately $1 billion in funds raised in last week’s concurrent offerings of common stock and convertible senior notes.

Elon Musk a.k.a. Tesla’s Chief Executive Officer (CEO) and cofounder also purchased $100 million of common equity, the least secure portion of the offering.

“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. “I hope we did you proud.”

Topics: tesla

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Hyundai is making the green vehicle race more competitive by offering three powertrain types -- pure electric (EV), hybrid (EV plus combustion engine) and plug-in hybrid (PHEV) – in one...
by - December 9, 2016
Although specs for the new Renault Megane had already surfaced several weeks ago, we didn’t know that the company has cooked up something new. Aside from the 200hp gasoline, Renault‘s...
by - December 9, 2016
For the first time in fifty-eight years, Infiniti registers its first US-Spec Q60 Coupe in Cuba. American products have not been allowed entry into Cuba for six decades. But it...
by - December 9, 2016
Chevrolet has already given out the pricing for some of its 2018 Equinox models. Not only will the new Equinox be available in both the US and Canada, it is...
by - December 9, 2016
Nearly all details have been set with regards to the upcoming market introduction of the new Jaguar I-Pace. Its production version was recently previewed at the 2016 Los Angeles Auto...
by - December 8, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries