Tesla Motors may have just muzzled electric car naysayers.
The fast-growing all-electric car manufacturer paid off a
hefty $465 million federal loan from the Department of Energy — nine years
ahead of schedule.
The company, which is headquartered in Palo Alto with its
manufacturing plant in Fremont, wired $451.8 million to the Department of
Energy on Wednesday to repay the rest of the loan it received in 2010, plus
interest. The loan was part of the 2010 Advanced Technology Vehicle
According to a press release from the company, Tesla paid
back the loan using a portion of the $1 billion it raised last week when the
company announced stock offerings.
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,” Tesla CEO Elon Musk said in
a statement. “I hope we did you proud.”
This latest news from Tesla is the latest in a short series of
milestones the 10-year-old company has made this year.