"I hope we did you proud." - Elon Musk
Along with Chrysler, Tesla has become the second automaker to pay back US government loans well ahead of schedule – and with interest. Tesla CEO Elon Musk proudly announced that the electric carmaker has paid back in full its $465 million loan the US Department of Energy granted back in 2010, a full nine years ahead of schedule. So how was Tesla able to afford such a large wire transfer all at once? Along with the huge success and demand for the new Model S, Tesla’s stock value has been climbing at a very steady and solid trajectory upwards since January.
Just last week, for example, Tesla raised over $1 billion by selling common stock and convertible senior notes. After announcing the repayment, Elon Musk stated, "I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the Advanced Technology Vehicle Manufacturing program (ATVM), and particularly the American taxpayer from whom these funds originate. I hope we did you proud."