While Project Better Place has met its end, the EV company Tesla Motors is gaining momentum. The company, which is gearing up to have its Model X join the Model S on the market in 2014, recently made a triumphant announcement: it has repaid its Department of Energy loan in full.
Tesla finally made a profit during the first quarter of 2013, $11.2 million from $561.8 million in revenue. But it was the nearly $1 billion raised in a stock and note sale, not profits, that the company used to pay this federal debt nine years early. The outstanding balance of Tesla’s 2009 Advanced Technology Vehicle Manufacturing (ATVM) loan was $451.8 million, profiting US taxpayers just a bit with roughly $12 million in interest. This massive final payment on Tesla's startup loan makes it the first motor vehicle company to pay back its loan from the ATVM loan program.
via: The Atlantic Wire
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