PHOTO CAPTION: Tesla Mode X would be company's next production model.

U.S. Gov't Wants Early Repayment of Tesla Loan

Energy Department wants to see accelerated repayment schedule proposal on original 10 year loan by Oct 31, 2012.

Published: 26-Sep-2012

Tesla Motors Inc. (TSLA), the startup electric car-maker that received $465 million in U.S. Energy Department loans, must come up with a speedier repayment schedule after getting a waiver on existing terms.

The Palo Alto, California-based company, led by billionaire Elon Musk, said yesterday in a U.S. regulatory filing (TSLA) that it has until Oct. 31 to submit a proposal for “early repayment” of loan principal to the Energy Department.

Tesla said it received a waiver Sept. 24 from a requirement in the previous loan agreement to maintain a specified current ratio (TSLA) of assets to liabilities, which measures a company’s ability to repay its debts in the next 12 months.


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