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Tesla Arranges to Repay U.S. Loans Five Years Early

Mar 8, 2013
Source: 
(Bloomberg)

Tesla Motors Inc. (TSLA), which received $465 million in U.S. Energy Department loans to develop and build electric cars, will repay the funds five years ahead of schedule in a plan approved by the government.

The Palo Alto, California-based carmaker said in its annual report yesterday that the department approved amended terms of the loan agreements that enable it to complete repayment by December 2017. Starting in 2015, Tesla will make accelerated payments from excess free cash flow, Chief Financial Officer Deepak Ahuja said in a telephone interview.