Last week, Tesla announced it would take advantage of its soaring stock price to raise more money, which it would use to make the payment.
The $465 million loan was part of the DOE's Advanced Technology Vehicles Manufacturing (ATVM) program, created by the 2007 Energy Independence and Security Act to allocate $25 billion to fund highly fuel-efficient vehicles.
Tesla is not required to pay the loan back until DOE until December 2022, according to Bloomberg.
Early repayment would be a win for both Tesla and the DOE, which has a lackluster track record of approving loans for automakers.
Of the five companies selected under the ATVM program, two have flopped. Now-defunct Fisker Automotive drew down $193 million of the $529 million it was promised before the DOE froze its access to the money over missed production deadlines.
The Vehicle Production Group (VPG), a maker of wheelchair-accessible vans that received $50 million, stopped operations in February after the DOE froze its assets, when its finances fell below the threshold required by the loan.
Here's Musk's tweet:
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
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