Electric car maker, Tesla is on track to pay back its loan from the US’ Department of Energy (DoE), five years early, the firm’s CEO, Elon Musk announced recently.
That’s twice as fast as is required under the agreement, the Silicon Valley start-up has with the department.
Announcing the news in a new blog post, the firm says that its readiness to pay back the $465 million loan is testament to the success of its newly-launched second model; the Model S.
Already on sale in the States, the seven-seat fully electric saloon will arrive in the UK before the end of the year. It follows the firm’s $109,000 (£72,885) Roadster electric sports car, which was first launched back in 2008.
Tesla was one of just three of the first carmakers approved for a loan under the DOE’s Advanced Technology Vehicle Manufacturing Program (ATVM) in 2010-key to its success was providing evidence to the department that its business was viable.
The firm says it should make its last repayment in 2017-halving the ten year repayment scheduled agreed, once the Model S was in production.
Manufacture of the Model S continues at Tesla’s production facility in Fremont, California-formerly a shuttered GM plant.
While still a premium model-with prices in mainland Europe starting from €72,600(about £59,030), when the car launches later this year-Tesla’s long-term aim is to produce electric vehicles accessible to every budget.
With a range of up to 300 miles per charge, the Model S is by far the most practical electric vehicle yet available, something that we’ll be eager to see brought to smaller, more affordable sector.
Faye has been writing about cars and environmental issues since 2007. A suspected eco-warrior working on the corporate inside, Faye mainly likes the weird, quirky vehicles that show a distinct environmental advantage. Her ideal car has enough room to fit a bale of hay in the boot. When not working, she likes nothing better than to head out on her bicycle and explore the countryside.
I saw this and had to mention it:
"Tesla now says they “plan” to pay the money back years from now….I "plan" to date model Kate Upon... which pretty much means it is not going to happen. This is ultimate spin from Tesla because they screwed the pooch and nobody wants a Tesla, nobody wants Solar City panels and Space X rockets keep failing so Musk is freaking out and traded some BS warrants with DOE to make this cover-up announcement which means totally nothing. Nobody wants to be seen driving a Tesla, it is the most tainted car on earth and the poster car of corruption. What means something is that any real car company sells 100,000 cars of each model and usually 400,000, or more cars. Tesla has only sold a few hundred to its own investors as fake shill customers after a decade of trying and nearly a billion dollars of free tax money...
Taxpayers should call their Senator today and demand to their elected representative that BILLIONAIRE Musk pay the money back NOW and get off the taxpayers teat.
FAIL! FAIL! FAIL!
March 13, 2013