PALO ALTO (CBS/AP) — Electric car maker Tesla Motors says it has repaid a loan from the U.S. government nine years early.
The Palo Alto-based company says it wired a $451.8 million payment to the government on Wednesday to retire a loan it received from the Department of Energy.
The agency loaned Tesla $465 million in 2010 to make advanced-technology vehicles.
The company used money from a $968 million sale of stock and notes to pay off the debt. The sale took place last week and closed on Wednesday.
Tesla sells only one car, the $70,000 Model S. Earlier this month the company reported its first quarterly profit. Its stock price has more than doubled since the first of the year and closed Wednesday at $87.24.
(Copyright 2013 by CBS San Francisco and Bay City News Service. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)