Tesla Motors Repays $465 Million Loan Nine Years Early

Tesla Motors repaid its large $465 million federal loan it received in 2010 earlier than expected.

It made its first payment last December, and was going to take 10 years to fully pay it back. But the plan changed, and Tesla paid the full amount nine years early.

"I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the [loan] program, and particularly the American taxpayer from whom these funds originate. I hope we did you proud," CEO Elon Musk said.

The Department of Energy gave $34 billion in loans for clean energy projects. Companies like Solyndra and Fisker have not paid back their loans, and Tesla is the only one to fully repay it.

But the U.S. Energy Secretary Ernest Moniz remains optimistic about the industry.

"Tesla employs more than 3,000 American workers and is living proof of the power of American innovation. This is another important contribution to what the Obama Administration has done to preserve and promote America's auto industry. This announcement is also good news for the future of America's growing electric vehicle industry."

"While the market has taken longer than predicted to get going, sales of electric vehicles in the U.S. tripled last year and are continuing to increase rapidly in 2013. Tesla and other U.S. manufacturers are in a strong position to compete for this growing global market."

Sources: Inquisitr, NYTimes


Popular Video