Tesla's Elon Musk Vows to Pay Off $465M Government Loan Within Five Years
February 28, 2013 8:53 AM
comment(s) - last by
jack daniels e..
Musk only needs half the time given to pay loan
Electric vehicle maker Tesla received a loan from the U.S. Department of Energy to the tune of $465 million. The automaker has until the end of the decade pay off the loan, but CEO Elon Musk believes that Tesla will be able to pay off the entire loan in half the time.
The loan was granted to Tesla under the Advanced Technology Vehicles Manufacturing loan program and allowed the automaker to
retool an automotive manufacturing plant in California
. Tesla uses that plant to produce the
Model S electric vehicle
, and has recently stated that it will be able to produce 20,000 of the sedans during 2013.
President Obama and Elon Musk
Despite seeing a significant increase in revenue, the automaker lost nearly $90 million during the last quarter and lost approximately $400 million during all of 2012. This news
sent Tesla shares downward last week
Musk also got personally involved in a
dustup with the
New York Times
over what he saw as an unfair and dishonest review of the Model S. According to Musk, the
bad publicity cost the company $100 million
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RE: Great photo
3/1/2013 4:34:58 PM
it's the government keeping us afloat instead of pulling us down
Shhh no one please tell this redneck about 1929 and how nicely government "involvement" kept this country "afloat", or his tiny fox news fed brain will pop
RE: Great photo
3/1/2013 5:26:43 PM
I agree that more government regulation was needed in 1929. The 1933 Banking Act was needed for monetary stability. We need to go back to having separate Commercial and Investment banks.
Like I said, it's a balance of regulation and natural market forces. We don't want too much government regulation/taxation stifling the economy or natural supply and demand forces, nor do we want too little regulation/taxation where companies can do whatever they want and not pay their share in.
We've seen what happens in both cases and it's not pretty.
"We shipped it on Saturday. Then on Sunday, we rested." -- Steve Jobs on the iPad launch
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