Tesla pays back in full US government loan nine years early

Loan repayment makes Tesla the only car company to repay its US government loan

Tesla has made the final repayment on its loan

 Tesla has paid off its entire government loan of £309.4 million to the US Department of Energy, nine years earlier than expected.

The loan, awarded in 2010 as part of the Advanced Technology Vehicle Manufacturing Program, required Tesla to match the loan value with private capital.

The repayment makes Tesla the only American car company to have paid back its government loan. The manufacturer says its loan is often confused with the financial bailouts awarded to GM and Chrysler, themselves ineligible for the Advanced Technology Vehicle Manufacturing Programme because a stipulation of the loan was proof of financial health.

Tesla's chief executive offer and co-founder Elon Musk said: "I would like to thank the Department of Energy and the members of Congress and their staffs who worked hard to create the ATVM program, and particularly the American tax payer from whom these funds originate.

“I hope we did you proud.”

[source: autocar.co.uk]