Wednesday, February 27, 2013
Elon Musk says Tesla will repay Department of Energy loan well before 2022 due date
Tesla's CEO, Elon Musk, has been the focus of many headlines lately due to a certain, well-documented kerfuffle with The New York Times. Today, however, the automotive company's chief isn't questioning any reviews. Instead, he's taken to the Advanced Research Projects Agency for Energy summit to share his belief that Tesla Motors will pay off that $465 million loan from the US Department of Energy well ahead of when it's expected to -- in five years, rather than ten, to be precise. Musk's comments shouldn't come as a surprise, however, given that the Model S maker has been paying its DOE-borrowed cash on time and before the deadlines -- something it's been able to accomplish despite being far from a money-making machine at the moment. For the Department of Energy, meanwhile, this all sounds like music to the ears, especially since it knows that not all EVs always work out as planned.