The U.S. Energy Department announced that Tesla Motors (TSLA), the electric car company founded in 2003 by PayPal creator Elon Musk, had repaid its $465 million loan nine years ahead of schedule. The Energy Department provided the financial resources to Tesla in 2010 as part of the Obama Administration’s Advanced Technology Vehicle Manufacturing program. Tesla said it was able to repay its loans by using a portion of the approximately $1 billion in funds the company raised in last week’s offering of stock and debt.
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“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 in a statement. “I hope we did you proud.”
The Palo Alto-based company employs 4,500 workers in the U.S. and has about $679 million in available cash. Taxpayer money helped Tesla finance its Model S batteryRead More »from Tesla Pays Back Washington: Do You Know Anyone Who Drives One?