Tech

Tesla Repays Energy Department Loan 9 Years Early

View Comments
Tesla Motors S Sedan

Palo Alto-based carmaker Tesla Motors rolled out its new Model S electric car at its Fremont factory on June 22, 2012. (CBS)

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 This material may not be published, broadcast, rewritten, or redistributed.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 56,765 other followers