Tesla Motors has announced that it has repaid the loan provided by the U.S. Energy Department in full, following today’s wire of $451.8 million. The company had also made payments in 2012 and the first quarter of 2013. In a press statement, the EV manufacturer said it is the first and only American car company to date, to have fully repaid the U.S. government.
Tesla added that it repaid the loan nine years ahead of schedule, saving taxpayers at least $12 million on the $465 million lent.
Elon Musk, Tesla Motors’ CEO, said in a Twitter message on May 20 that the company would “probably” repay the Energy Department loan as soon as today. However, the $12 million taxpayers will make from the Tesla loan won’t be enough to offset losses of as much as $217 million on loans to Fisker and van-maker Vehicle Production Group.
According to the automaker, the loan payment was made today using a portion of the approximately $1 billion in funds raised in last week’s concurrent offerings of common stock and convertible senior notes.
“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,” said Elon Musk. “I hope we did you proud.”
The announcement is a breath of fresh air for President Barack Obama, as the other green-energy companies to receive government loans and grants have gone bust or are about to. Battery supplier A123 Systems and solar-panel maker Solyndra filed for bankruptcy, while Fisker stopped making cars because A123 stopped supplying batteries.
In the last U.S. presidential campaign, Mitt Romney and Paul Ryan referred to Tesla, Fisker and Solyndra as “losers.”
By Dan Mihalascu
Story References: Tesla and Bloomberg News
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