Feeds

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

Tesla repays the Feds nine years early

High performance access to file storage

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. ®

High performance access to file storage

More from The Register

next story
Android engineer: We DIDN'T copy Apple OR follow Samsung's orders
Veep testifies for Samsung during Apple patent trial
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
One year on: diplomatic fail as Chinese APT gangs get back to work
Mandiant says past 12 months shows Beijing won't call off its hackers
EFF: Feds plan to put 52 MILLION FACES into recognition database
System would identify faces as part of biometrics collection
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Big Content goes after Kim Dotcom
Six studios sling sueballs at dead download destination
Alphadex fires back at British Gas with overcharging allegation
Brit colo outfit says it paid for 347KVA, has been charged for 1940KVA
Jack the RIPA: Blighty cops ignore law, retain innocents' comms data
Prime minister: Nothing to see here, go about your business
Singapore decides 'three strikes' laws are too intrusive
When even a prurient island nation thinks an idea is dodgy it has problems
Banks slap Olympus with £160 MEEELLION lawsuit
Scandal hit camera maker just can't shake off its past
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.