Tesla Wires Half a Billion Dollars to the Government
Tesla CEO Elon Musk hinted it would happen, and now it’s happened. Tesla, the electric car maker, has paid off the DOE loan that allowed it to build a factory and start building and selling its Model S electric car. And it’s done so nine years ahead of schedule, according to the company (see “Musk Says Tesla Will Pay Off Its Loans in Half the Time”).
To pay off the loan, it wired $451.8 million to the government today. The money comes from last week’s stock and convertible senior notes offering of $1 billion, which in turn came after the company’s stock had shot up in response to the announcement that it was profitable for the first time ever last quarter and after Consumer Reports said that the car was the best the organization had ever tested.
The news is a bright spot for the DOE’s loan programs, which had been criticized after some of the loan recipients, such as Solyndra, failed (see “Why It’s Okay That Tesla Makes Cars for Rich People”).
Keep Reading
Most Popular
How AI is reinventing what computers are
Three key ways artificial intelligence is changing what it means to compute.
These weird virtual creatures evolve their bodies to solve problems
They show how intelligence and body plans are closely linked—and could unlock AI for robots.
We reviewed three at-home covid tests. The results were mixed.
Over-the-counter coronavirus tests are finally available in the US. Some are more accurate and easier to use than others.
A horrifying new AI app swaps women into porn videos with a click
Deepfake researchers have long feared the day this would arrive.
Stay connected
Illustration by Rose WongGet the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.