Tesla Motors, the maker of electric cars led by Elon Musk, said
it's making the first advance payment of U.S. Energy Department loans
the California start-up used to engineer and produce the Model S sedan.
Tesla, which qualified for $465 million in U.S. loans in June 2009, said last week in a filing that the Energy Department requested a faster repayment schedule as it expands sales of the $57,400 Model S and additional all-electric cars. The Palo Alto, Calif.-based company was "happy to oblige," Musk said.
"Far from being worried about our survival, the DOE is highly bullish about our future and doesn't want us to delay early repayment of the loan if we have the cash on hand to do so," Musk said in a blog post on the company's website. "I am happy to announce that we will be initiating an advance payment today to prefund the principal payment that is due in March 2013."
The initial payment comes after the carmaker works to become profitable from selling vehicles propelled by lithium-ion battery packs.
The loan program used by Tesla, as well as Fisker, Ford and Nissan, was created in 2008 by President George W. Bush's administration to spur a U.S. market for highly fuel-efficient cars and trucks, and disbursed by President Barack Obama.
Jen Stutsman, an Energy Department spokeswoman, didn't immediately respond to an e-mail seeking comment.
Tesla last week lowered its 2012 production target to as many as 3,225 cars from about 5,000.
Through the end of September, the company has built 359 Model S vehicles at its Fremont, Calif., plant, and delivered more than 250, Musk said Wednesday.
Tesla fell 1.7% to $29.30 Wednesday. The shares have risen 2.6% this year.
Tesla, which qualified for $465 million in U.S. loans in June 2009, said last week in a filing that the Energy Department requested a faster repayment schedule as it expands sales of the $57,400 Model S and additional all-electric cars. The Palo Alto, Calif.-based company was "happy to oblige," Musk said.
"Far from being worried about our survival, the DOE is highly bullish about our future and doesn't want us to delay early repayment of the loan if we have the cash on hand to do so," Musk said in a blog post on the company's website. "I am happy to announce that we will be initiating an advance payment today to prefund the principal payment that is due in March 2013."
The initial payment comes after the carmaker works to become profitable from selling vehicles propelled by lithium-ion battery packs.
The loan program used by Tesla, as well as Fisker, Ford and Nissan, was created in 2008 by President George W. Bush's administration to spur a U.S. market for highly fuel-efficient cars and trucks, and disbursed by President Barack Obama.
Jen Stutsman, an Energy Department spokeswoman, didn't immediately respond to an e-mail seeking comment.
Tesla last week lowered its 2012 production target to as many as 3,225 cars from about 5,000.
Through the end of September, the company has built 359 Model S vehicles at its Fremont, Calif., plant, and delivered more than 250, Musk said Wednesday.
Tesla fell 1.7% to $29.30 Wednesday. The shares have risen 2.6% this year.
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