Electric carmaker Tesla Motors pays off government loan 9 years early
California automaker Tesla Motors announced Wednesday it had completely paid off a Department of Energy loan nine years earlier than originally required.
The manufacturer of all-electric luxury cars found itself a political football because of the $465 million government loan it was awarded in 2010. Former Republican presidential candidate Mitt Romney and former Alaska Gov. Sarah Palin both labelled the car company “losers.”
Tesla was awarded the loan as part of the Energy Department’s Advanced Technology Vehicle Manufacturing (ATVM) program. The program was signed into law by President George W. Bush and implemented under the Obama administration.
There has been a lot of very obvious pressure on electric cars in general but seemingly more-so on Tesla, with that NYT debacle last month and other conservative (Big Oil) mouthpieces slinging similar mud.
This is what Job Creation looks like
“The Department first offered loans to Tesla and other auto manufacturers in June 2009, when car companies couldn’t get other financing and many people questioned whether the industry would survive,” U.S. Energy Secretary Ernest Moniz said in a statement. “Today, Tesla employs more than 3,000 American workers and is living proof of the power of American innovation. This is another important contribution to what the Obama Administration has done to preserve and promote America’s auto industry.”
A success of Obama Administration policies.
Cue the exploding wingnut heads.
If you haven't seen it, here's a great infographic on electric cars.