Tesla Repays Energy Department Loan 9 Years Early

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 This material may not be published, broadcast, rewritten, or redistributed.)

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