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Tesla Vows to Repay DOE Loan Five Years Early
Electric car maker Tesla Motors Inc. plans to bay back its $465 million loan from the U.S.
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Electric car maker Tesla Motors Inc. plans to bay back its $465 million loan from the U.S. Dept. of Energy within five years, according to CEO Elon Musk.
The full amount isn't due until 2022. Tesla made its first payment on the loan in December. Musk predicts the company will make its first profit in the current quarter.
Tesla received the low-cost financing in 2009 under the DOE's $25 billion program to foster development of technologies for cleaner, more efficient vehicles.
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