Tesla Pays Off All $465M in Federal Loans 9 Years Early
Tesla haters just lost another quiver in their dwindling arsenal. The upstart electric automaker has paid off the entirety of its Department of Energy loan — a whopping $451.8M — and did it nine years ahead of schedule.
“I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the [Advanced Technology Vehicle Manufacturing] program, and particularly the American taxpayer from whom these funds originate,” Tesla CEO and co-founder Elon Musk said in a statement. “I hope we did you proud.”
The repayment of the DoE loans comes just weeks after Tesla reported its first profit after 10 years in the car-making business. And thanks to a stock offering last week that raised $1 billion, it was able to repay the balance of its federal loans.
Tesla is also crowing about the fact that it’s the first American automaker that has fully paid back the feds through the Advanced Technology Vehicle Manufacturing (ATVM) program. But then again, Tesla didn’t take much compared to Ford ($5.9 billion) and Japanese automaker Nissan ($1.4 billion).