Feeds

'Leccy car biz baron Elon Musk: Thanks for the $500m, taxpayers...

Tesla repays the Feds nine years early

Mobile application security vulnerability report

Electric car manufacturer Tesla has paid back a government loan of half a billion dollars almost a decade earlier than expected.

Tesla CEO and co-founder Elon Musk said: “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. I hope we did you proud.”

Following a stock offering last week, the car firm handed the Department of Energy $451.8m, meaning they have now paid back their entire loan with interest.

Although Tesla claims to have shipped 10,000 cars to 31 countries, it was able to pay back the dosh using the $1bn it raised from last week's share issue.

Recent figures from the company show that the $11.2m profits Tesla filed in the first quarter of 2013 are the first ever in the company's history, representing a remarkable turnaround from just a year ago when they recorded losses of $89.9m in the same quarter.

Tesla sold about 5,000 cars in the first quarter of 2013 and hopes to flog 20,000 more cars by the end of the year.

In 2010, Tesla was given a "milestone-based" loan of $465m, in which the DoE matched the cash raised by a public offering as part of its Advanced Technology Vehicle Manufacturing program, started by George W Bush in 2008 and continued by Obama.

Musk purchased $100m of common equity during the offering.

Tesla was founded in 2003 and survived on private funding for seven years.

The 'leccy car makers are quick to remind everyone that it was not given bailout cash, like Chrysler and GM recieved in 2008. ®

Bridging the IT gap between rising business demands and ageing tools

More from The Register

next story
Adam Afriyie MP: Smart meters are NOT so smart
Mega-costly gas 'n' 'leccy totting-up tech not worth it - Tory MP
'Blow it up': Plods pop round for chat with Commonwealth Games tweeter
You'd better not be talking about the council's housing plans
Arrr: Freetard-bothering Digital Economy Act tied up, thrown in the hold
Ministry of Fun confirms: Yes, we're busy doing nothing
ONE EMAIL costs mining company $300 MEEELION
Environmental activist walks free after hoax sent share price over a cliff
Help yourself to anyone's photos FOR FREE, suggests UK.gov
Copyright law reforms will keep m'learned friends busy
Apple smacked with privacy sueball over Location Services
Class action launched on behalf of 100 million iPhone owners
UK government officially adopts Open Document Format
Microsoft insurgency fails, earns snarky remark from UK digital services head
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Securing Web Applications Made Simple and Scalable
Learn how automated security testing can provide a simple and scalable way to protect your web applications.