Tesla to repay $465m Department of Energy loan 9 years ahead of schedule
Uncle Sam gains $12 million in interestTesla 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:
Given govt loan repayment this week (prob Wed), Supercharger update will be next week. Work continuing independent of announcement.— Elon Musk (@elonmusk) May 20, 2013
So we can expect some Supercharger news next week... How long can they keep the ball rolling like this?
Feel free to let Elon Musk stare into your soul.