No doubt this will not make FoxNews. Republicans will ignore it, maybe even repeating to themselves, "Solyndra, Solyndra," and their other mantra, "Benghazi, Benghazi."
Today, Tesla Motors, Inc., announced that it would pay back its loan from the United States Department of Energy five years early. The original repayment date by which the loan amount of $465 M must be repaid was in 2022, but Tesla will pay off the loan by 2017:
Tesla Motors Inc. (TSLA), which received $465 million in U.S. Energy Department loans to develop and build electric cars, will repay the funds five years ahead of schedule in a plan approved by the government.Bloomberg News
The carmaker said in its annual report yesterday that the department approved amended terms of the loan agreements that enable it to complete repayment by December 2017. Starting in 2015, the Palo Alto, California-based company will make accelerated payments from excess free cash flow, Chief Financial Officer Deepak Ahuja said in a telephone interview.
“Any remaining balance that’s there at the end of 2017 we’ll pay off as a balloon payment,” Ahuja said yesterday.
Why are they able to do so? Because Green is profitable:
The maker of battery-powered Model S sedans, led by billionaire Elon Musk, has a goal of becoming profitable this quarter, with deliveries of the vehicle forecast to rise to a record 20,000 units in 2013.
Some good news on the environmental front and for industrial policy. The Obama adminstration's investments in Green Technology will be paying off for a long time.
Update I: Patriot Daily News Clearinghouse reminded me that Romney and Ryan atttacked Presdient Obama on the Tesla loan over and over. Wrong again!
romney and ryan attacked obama on this issue (1+ / 0-)The link is in the comment below.
during 2012 presidential election. another fail for GOP.In the final months of the race, it was a standard line of attack: the president was recklessly using our money, Romney said, to "pick losers." Obama was so irresponsible, he even invested in Tesla Motors."It is in the shelter of each other that people live." Irish Proverb
Romney was so fond of the criticism, he even brought it up during one of the debates. Paul Ryan joined in on the fun, condemning Tesla's loan on the stump as well.
by Patriot Daily News Clearinghouse on Tue Mar 12, 2013 at 12:19:13 PM CDT