Tesla Motors is on track to repay its loan from the Department of Energy (DOE) a full five years early, according to an announcement made by Elon Musk at a recent event. That’ll mean that the loan has so far been repayed twice as fast as it needed to be. As it stands, Tesla expects the loan to be fully repayed by the end of 2017.
The early repayment can largely be attributed to the considerable success of Tesla’s Model S electric car. The Model S has been widely praised and very well received by customers, winning “more awards than is useful to enumerate here,” as Tesla itself has put it (really, I think most of us are aware that it’s been winning awards left and right).
The announcement just goes to show what a success the DOE’s Advanced Technology Vehicle Manufacturing Program (ATVM) has been, helping considerably to “catalyze the market for EVs,” which happens to also be one of Tesla’s founding goals.
Tesla finished up its recent statement on the matter by saying:
“In closing, let me say that we are grateful for the support of both the Bush Administration and the Obama Administration in recognizing the potential of EVs in general and Tesla in particular. We are especially grateful for the bipartisan support we have received from Congress, both before the inception of the ATVM program and since. But most of all we are grateful for the hard working employees at the Department of Energy who are the administrators of the ATVM program which, I’m confident, will be regarded by history as a model for public/private partnerships which inspire American entrepreneurship, competitiveness and innovation.”