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Tesla repays government loan nine years early

Published by on May 23, 2013 in News Leave a comment

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The announcement was made a couple of days ago on Twitter by Tesla’s CEO, Elon Musk. This came as a surprise to everyone, considering Tesla repaid the loans nine years in advanced, the official deadline agreed with the United States government being December 2022. Not to mention that in 2009 they asked payments to be delayed, the company needing money to fund the development of the current Model S. That’s really impressive, unlike other cases such as Fisker Automotive, which is preparing to file for bankruptcy, not being able to repay the loans from the Department of Energy.

After the initial announcement, yesterday Musk tweeted again, saying that the wire transfer to the Department of Energy has been made and that the company became the first carmaker in the United States to fully repay its governmental loan. Other carmakers that got governmental loans are Ford and Nissan, but the two companies are expected to repay the money a lot slower, within the following 10 years.

Tesla also announced an update for the charging system for its models. More exactly, the company introduced the “Supercharger” recharging system, which is a network of strategically placed locations where Tesla customers can recharge their cars faster.

At the moment, Tesla stock trades at 89.94 per share, reporting a 166% increase in the past year, which is a record for the American stock exchange. This is truly remarkable for a carmaker that was founded just ten years ago, but not surprising if we think about Elon Musk, perhaps one of the most talented entrepreneurs of our times.

Source: Tesla

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