Tesla Motors fully repays $465 million federal loan nine years early

[Newsjock]

Source: San Jose Mercury News

In a huge boost for the Obama Administration and clean-energy firms, electric vehicle maker Tesla Motors (TSLA) announced Wednesday that it has paid back its $465 million government loan in full and nine years early.

The Department of Energy oversees $34 billion in taxpayer-funded loans for clean energy and other projects, but Tesla is the only United States car company in the vast portfolio of 33 projects to pay back its loan so far. The loan program faced fierce partisan fire in the wake of the high-profile 2011 bankruptcy of Fremont solar manufacturer Solyndra, and Republican presidential candidate Mitt Romney called Tesla a "loser" in a presidential debate last fall.

"Tesla employs more than 3,000 American workers and is living proof of the power of American innovation," U.S. Energy Secretary Ernest Moniz said in a statement. "This is another important contribution to what the Obama Administration has done to preserve and promote America's auto industry. This announcement is also good news for the future of America's growing electric vehicle industry. While the market has taken longer than predicted to get going, sales of electric vehicles in the U.S. tripled last year and are continuing to increase rapidly in 2013. Tesla and other U.S. manufacturers are in a strong position to compete for this growing global market."

... Analysts said the move frees Tesla from the partisan politics that have shadowed federal government support for Silicon Valley clean energy companies.

Read more: http://www.mercurynews.com/business/ci_23300602/tesla-motors-fully-repays-465-million-federal-loan

[freshwest]

1. We wouldn't have known this good news without DU reporting. Crickets on M$M, likely. Thanks!

[OnlinePoker]

7. I first saw it on CNN and it's on their website n/t

http://money.cnn.com/2013/05/22/autos/tesla-loan-repayment/index.html?hpt=hp_t3

[freshwest]

8. Did they give it much airtime as part of the administration's policies? This would be an improvement

[OmahaBlueDog]

23. Now Tesla needs to keep expanding their infrastructure

I want more of these....

?20121106

....so more people can drive these




http://www.teslamotors.com/

[gateley]

29. +1,000!!!!!

[Cha]

32. I hadn't seen LBN and just saw it on the obama diary and posted

it in politics2013 'cause I thought it was such good news!

http://www.democraticunderground.com/1251307545

[freshwest]

35. With the fiddle for the right whiners, too! Thanks, Cha, hadn't seen that one.

[truedelphi]

2. The Obama Adminstation has made it easier for

Tesla and also for new and innovative approaches for battery development. The Administration deserves kudos for this.

[Mr.Bill]

3. Tesla Stiffs Government For Nine Years Of Interest On Loan

That will be the Fox News headline.

[wtmusic]

11. Nailed it.

[JimDandy]

19. LOL. So true. n/t

[freshwest]

24. +1

[Posteritatis]

4. Niiiice. (nt)

[JimDandy]

5. Love this company!

Am just wowed by their latest car. I hope they do well with their direct-to-the-consumer sales model for their cars.

[longship]

9. Plus, fucking amazing SpaceX!!!

Elon Musk has that, too. They launch to the ISS!! The Dragon capsule, which is on its way to becoming human ready, as soon as it has a human ready launch system to go with it, I'll bet.

Awesome Elon Musk!

[AAO]

20. Elon may come out with the space car in my lifetime.

I'll take the Dodge Viper version.

[rightsideout]

6. Both Romney and Palin called Tesla a "Loser"

They are the "Losers," literally.

They've never even driven a Tesla. A friend dropped his Tesla Model S for me to drive for a couple days and it was a blast and I charged it from the solar panels on my roof. I've also had the chance to drive and race several Tesla Roadsters.

These Conservative anti-alternative energy people are idiots. If they were true Americans they would support Tesla since the Model S is designed, engineered and produced in the US with American workers. That idiot Romney can't see that. He would shift the jobs overseas.

So this is in your face Romney and Palin. As usual, you are wrong.

[Major Nikon]

13. I'd love to have one

I priced one the other day with all the options and it was north of $100k. I just can't justify paying that much for 2 dimensional transportation. I'm hoping that the demand will drive the price down.

[gateley]

30. I think their plan has always been to come out gangbusters (Roadster $$$$$), and with each

successive model, work more toward affordable, family cars. I'm SO glad they're hanging in there!!

[YOHABLO]

21. If it doesn't include burning damaging fossil fuels .. well forget-about-it.

They're going to make money off of fossil fuels if it kills them, and us .. literally.

[freshwest]

25. Their fossilized brains run on fossil fuels. Only explanation, LOL..

[daleo]

38. Charged it from solar panels on your roof

That phrase must strike fear into the heart of fossil fuel company shareholders and executives.

[SCVDem]

10. Screw you GOP! nt

[Amonester]

12. Another proof Rmoney was just pRojecting, as always...

[Demo_Chris]

14. This is fantastic news. It would be nice if the government had a program...

That offered loans to actual SMALL businesses as well.

[Stuart G]

15. in the article..it says...WITH INTEREST"....

Here is the paragraph:

"Tesla made payments on it loan in 2012 and in the first quarter, and Wednesday's wired payment of $451.8 million repaid the full loan with interest. The payment was made using a portion of the $1 billion Tesla raised last week through offerings of common stock and convertible senior notes."
italics are mine......................................with interest.................

What do you think of that?????

[Stuart G]

16. One more quick note: Tesla didn't emply 3000 workers when it got the loan. yea......

[NYC_SKP]

17. Yet all we hear about in the media is Solyndra.

K/R Tesla!

[VA_Jill]

18. You know they're doing well

when the state of NC is trying to keep them from being sold there.

[JNelson6563]

22. Great news!

[Catch2.2]

26. Drill Baby Drill!!!

Remember that was the Republicans Mantra? It's kind of like saying the car is a fad, the horse is here to stay!

[Jamastiene]

27. I wish they could find a way to lower the price of their cars.

I want one. Maybe they will find a way to lower the costs of production and the cost to sell their cars. I'd love a Tesla.

K&R for a company that is doing it right.

[gateley]

31. That's been their plan from the beginning, each new model is more affordable

(well, less expensive) and ultimately they hope to be able to offer affordable family cars.

[sheshe2]

28. Thank you Tesla!

You are moving us forward!

[Archae]

33. THe Faux "business channel" has featured the Tesla boom...

But they keep "forgetting" (sometimes they do get reminded though) of the federal loan.

http://www.democraticunderground.com/1017120404

[erpowers]

34. Give A Speech About This

The moment this news was announced President Obama should have given a speech about the loan and the condition of Tesla Motors.

[penndragon69]

36. Now, if only

we could get the automobile sellers lobby to stop
preventing tesla from selling his cars online to anyone
who has a spare 100grand in their pocket.

But i still cannot afford ANY of these fuel efficient
vehicles, because i'm just a poor working stiff.

[Diclotican]

37. Newsjock

Newsjock

The only "Looser" in this history, is maybe the republican President Candidate Mitt Romney who could not hold his own state when the numbers was in - even though he believed that the game was set for him, being the next president - he lost miserable to "the black man" who was president allready...

Diclotican