Tesla Uses Stock, Note Sale To Repay Government

View Comments
File photo of a Tesla Motors car. (credit: STAN HONDA/AFP/Getty Images)

File photo of a Tesla Motors car. (credit: STAN HONDA/AFP/Getty Images)

Latest News

DETROIT (AP) — Electric car maker Tesla Motors says it has repaid a loan from the U.S. government nine years early.

The 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 The Associated Press. 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 This material may not be published, broadcast, rewritten or redistributed.)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 1,734 other followers