Tesla Repays Government Loan Nine Years Early
As expected, Tesla has repaid its government loan nine years early, becoming the first American automaker to have paid back the government.
Originally awarded a loan by the Department of Energy in 2010, Tesla sent over $451.8 million today to repay the full loan with interest. The loan was originally granted as a milestone-based loan and as part of the Advanced Technology Vehicle Manufacturing program.
The payment made used a portion of the approximately $1 billion raised in Tesla’s offering of common stock and convertible senior notes. Elon Musk, Tesla CEO and co-founder, purchased $100 million of common equity.
“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,” Musk said. “I hope we did you proud.”
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By Jason Siu