Skip to Content

Tesla Wires Half a Billion Dollars to the Government

Tesla Motors’ loan repayment is a bright spot for the DOE loan program.

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

Workers disinfect the street outside Shijiazhuang Railway Station
Workers disinfect the street outside Shijiazhuang Railway Station

Why China is still obsessed with disinfecting everything

Most public health bodies dealing with covid have long since moved on from the idea of surface transmission. China’s didn’t—and that helps it control the narrative about the disease’s origins and danger.

individual aging affects covid outcomes concept
individual aging affects covid outcomes concept

Anti-aging drugs are being tested as a way to treat covid

Drugs that rejuvenate our immune systems and make us biologically younger could help protect us from the disease’s worst effects.

Europe's AI Act concept
Europe's AI Act concept

A quick guide to the most important AI law you’ve never heard of

The European Union is planning new legislation aimed at curbing the worst harms associated with artificial intelligence.

Stay connected

Illustration by Rose WongIllustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.