Tesla Pays Back $465m Loan 9 Years Early

 

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Tesla Motors, Inc. is a Silicon Valley-based company that designs, manufactures and sells electric cars and electric vehicle powertrain components. Tesla Motors is a public company that trades on the NASDAQ stock exchange under the symbol TSLA. After 10 years, Tesla posted profits, approximately $11 million,  for the first time during the first quarter of 2013. The company paid off its $465 million loan 9 years ahead of schedule, saving the company interest payments.

For the first seven years since its founding in 2003, Tesla was funded entirely with private funds, led by co-founder and current CEO Elon Musk. The DOE loan, provided under the government’s Advanced Technology Vehicle Manufacturing program, was used by Tesla to build two manufacturing facilities: one plant for the award-winning Model S and another for battery, motor and electrical equipment assembly. Both facilities are located in California.

via CSMonitor