 |
Louisiana Light • 1 day | 86.49 | -0.63 | -0.72% | ||
|
Bonny Light • 1 day | 89.32 | +0.45 | +0.51% | ||
|
Opec Basket • 1 day | 88.45 | +1.94 | +2.24% | ||
|
Mars US • 174 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 10 mins | 2.716 | -0.019 | -0.68% |
|
Bonny Light • 1 day | 89.32 | +0.45 | +0.51% | ||
|
Girassol • 1 day | 89.90 | +0.45 | +0.50% | ||
|
Opec Basket • 1 day | 88.45 | +1.94 | +2.24% |
|
Peace Sour • 10 hours | 76.01 | -0.55 | -0.72% | ||
|
Light Sour Blend • 10 hours | 79.06 | -0.55 | -0.69% | ||
|
Syncrude Sweet Premium • 10 hours | 86.01 | -0.55 | -0.64% | ||
|
Central Alberta • 10 hours | 76.41 | -0.55 | -0.71% |
|
Eagle Ford • 1 day | 79.29 | -0.04 | -0.05% | ||
|
Oklahoma Sweet • 1 day | 79.25 | -0.50 | -0.63% | ||
|
Kansas Common • 2 days | 73.50 | +0.50 | +0.68% | ||
|
Buena Vista • 3 days | 87.02 | -0.29 | -0.33% |
UK Firms Embrace Reshoring Amidst Global Supply Chain Concerns
UK firms plan to invest…
Tesla Investors Brace for Worst Financial Report in 7 Years
Tesla is expected to report…
Tesla Motors Pay Back their Entire DoE Loan Nine Years Early
Tesla Motors, the US electric vehicle manufacturer, has paid of its entire Department of Energy loan.
The DoE granted Tesla a loan in 2010 as part of the Advanced Technology Vehicle Manufacturing (ATVM) program; as part of the terms of the loan Tesla had to match the deal with its own capital, and meet certain milestones.
Tesla repaid part of the loan in 2012, and then again at the beginning of 2013, but following a recent share offering of common stock and the sale of senior notes, which helped raise nearly $1 billion, Tesla decided to pay off the remaining $451.8 million with interest.
The payment, made on the 22nd of May, means that Tesla is nine years early in paying back the loan, according to the DoE.
Related Article: North Carolina’s Car Dealers Sponsor Bill to Ban the Sale of Tesla EV’s
Elon Musk, Tesla’s CEO, said, “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. I hope we did you proud.”
Newly appointed Secretary of Energy Ernest Moniz said that, “when you’re talking about cutting-edge clean energy technologies, not every investment will succeed — but today’s repayment is the latest indication that the Energy Department's portfolio of more than 30 loans is delivering big results for the American economy while costing far less than anticipated.
The Department first offered loans to Tesla and other auto manufacturers in June 2009, when car companies couldn’t get other financing and many people questioned whether the industry would survive. Today, Tesla employs more than 3,000 American workers and is living proof of the power of American innovation.”
ADVERTISEMENT
By. Charles Kennedy of Oilprice.com
Related posts
-
![]()
spawn44 on May 24 2013 said:That's great. They paid off one loan with another. I guess it's also great when you make a profit from state mandated rebates from other car companies. -
![]()
Donnyvee on May 24 2013 said:Have they actually written the check yet? Is it in the mail?
spawn44 on May 24 2013 said:
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
