Tesla to repay $465m Department of Energy loan 9 years ahead of schedule

Tesla Model S
© Tesla Motors Events

Uncle Sam gains $12 million in interest

Tesla Motors, famously called a "loser" by Mitt Romney, is on quite the winning streak these days. It seems like there's good news about the company every week.

After raising about a billion dollars in a new stock and debt offering, Tesla has decided to use about half of its new mountain of cash to repay the $465 million Department of Energy loan all at once, 9 years ahead of schedule, rather than do it in half the required time like it had previously said. The immediate benefit to taxpayers will be $12 million, but the long-term benefit could be massive. A whole new world-beating electric car company homegrown in the US, with factories creating jobs and EVs reducing oil consumption and carbon emissions, not to mention a catalyst for other companies (the transition to electric cars would no doubt be happening much more slowly without Tesla at the avant-garde, pushing others to do better). Not bad.

And it's not all. Musk tweeted this on Monday:

So we can expect some Supercharger news next week... How long can they keep the ball rolling like this?

Elon Musk with robotsWikimedia/CC BY 2.0

Feel free to let Elon Musk stare into your soul.

Via Bloomberg

See also: Milestone: U.S reaches 100,000 plug-in vehicles sold

Tags: Electric Cars | Electric Vehicles


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