Tag Archives: Tesla

Tesla Announces Loan Repayment, Receives Rave Reviews

Telsa MotorsDepending on which news media outlet you listen to, Tesla Motors is either an epic failure waiting to happen or a smashing success. This week, however, Tesla’s detractors will have to eat their words as the divisive auto maker will be repaying their Department of Energy loans as early as today.

The loans weren’t scheduled to be paid off for another nine years, but Tesla CEO Elon Musk announced via Twitter on Monday that, “Given govt loan repayment this week (prob Wed), Supercharger update will be next week. Work continuing independent of announcement.” With the loan being paid off early, it is estimated that taxpayers will see a $12 million profit from the loan.

May has been a good month for Tesla. They earned $562 million in their first quarter, $70 million more than the revenue estimates, and it was their first profitable quarter. Besides their financial success this quarter, Consumer Reports gave the Tesla Model S a score of 99 out of 100, the highest score any car has ever received from Consumer Reports.

The Tesla still has some hurdles to overcome including a price that is still a bit higher than some car buyers are willing to pay. Also, charging stations are still not prevalent across the country. Still, this is a big step forward for Tesla and for electric cars in general.

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