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Tesla repays federal loan nine years early

Original post made on May 24, 2013

Tesla Motors has wired the U.S. Department of Energy nearly a half a billion dollars, paying off the entire loan it was awarded by the U.S. Department of Energy in 2010 with interest and nine years ahead of schedule.

Read the full story here Web Link posted Friday, May 24, 2013, 7:14 AM

Comments (8)

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Posted by Bjorn Brinkmann
a resident of Menlo Park: Central Menlo Park
on May 24, 2013 at 10:37 pm

Readers should see the op-ed in the fri 24.5.2013 Journal of Wall Street. Author shows how Tesla is making money through continued taxpayer subsidies and legislated transfers in the form of selling green energy creditor. These subsidies are fattening the wallets of wealthy investors and Tesla executives and adding no value to society at all unless you call providing yet another luxury car for the wealthy added value.

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Posted by Jon Castor
a resident of Woodside: Woodside Heights
on May 25, 2013 at 10:54 am

Bravo for Tesla and for US taxpayers! Payment in full, far in advance of the due date on this loan: something that should be welcomed by all sides of the political spectrum.

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Posted by Menlo Observer
a resident of Menlo Park: Central Menlo Park
on May 27, 2013 at 8:23 am

If the DOE Loan program were a mutual fund Morningstar would have given it 0 stars and would have made Bernie Madoff seem respectable by comparison. Do you think Obama acolytes such as Vinod Khosla or John Doerr would have touched it? Actually John Doerr of KPCB did back Fisker.

The following is a list of all the clean energy companies supported by President Obama’s stimulus that are now failing or have filed for bankruptcy. The Obama Administration hopes you’ve forgotten about all of them except Solyndra, but we haven’t.

Evergreen Solar
Solyndra (received $ 535 million)
Beacon Power (received $ 43 million)
AES’ subsidiary Eastern Energy
Nevada Geothermal (received $ 98.5 million)
SunPower (received $ 1.5 billion)
First Solar (received $ 1.46 billion)
Babcock & Brown (an Australian company which received $ 178 million)
Ener1 (subsidiary EnerDel received $ 118.5 million)
Amonix (received 5.9 million)
The National Renewable Energy Lab
Fisker Automotive
Abound Solar (received $ 400 million)
Chevy Volt (taxpayers basically own GM)
Solar Trust of America
A123 Systems (received $ 279 million)
Willard & Kelsey Solar Group (received $ 6 million)
Johnson Controls (received $ 299 million)
Schneider Electric (received $ 86 million)

That’s 19 and counting. We also know that loans went to foreign clean energy companies. Fisker sent money to its overseas plant in Finland to develop an electric car and most remember the vehicular flambe of a Fisker car outside Robert's market in Woodside.

Over 80% of these loans went to President Obama’s campaign donors. Using DOE's own data, the Institute for Energy Research has calculated that the DOE spent $11.25 million for each job created." How do you spell waste, fraud and corruption? B a r r a c k
O b a m a.

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Posted by neighbor
a resident of another community
on May 27, 2013 at 11:31 am

Menlo Observer -- stop with the nonsense. You are not convincing anyone. A list of donors to Romney or Bush would be far more damning. The Republicans would do better with a positive message, rather than the typical hysteria (punctuated with thinly veiled racism)

Have a nice holiday...especially when you honor the vets who served in Iraq who died for Bush's folly since Iraq had nothing to do with 9-11.

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Posted by Menlo Observer
a resident of Menlo Park: Central Menlo Park
on May 28, 2013 at 7:48 am

The National Weather Service Sioux Falls South Dakota Weather Forecast Office (part of NOAA) clearly states that the hottest decade in the 20th centuiry was the 1930s.

1936 has the hottest average summer temperature at 77.8 degrees
1931 has the hottest average yearly temperature at 50.6 degrees
1931 has the hottest average winter temperature at 28.7 degrees
1936 had had 61 days where the temperature was 90 degrees or higher

Now for the 1990s
1995 has the hottest average summer temperature at 74.0 degrees
1991 & 1990 have the hottest average yearly temperature at 47.7 degrees
1992 has the hottest average winter temperature at 27.5 degrees
1995 had 33 days where the temperature was 90 degrees or higher

The 1930s beats the 1990s in every meaningful measurement

The highly heralded summer of 2003 came in with an average summer temperature of 73.8 degrees. This was beat by 1931 (74.1), 1936 (77.8), 1937 (74.4) and 1938 (74.5)

Web Link

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Posted by Steve
a resident of Menlo Park: Central Menlo Park
on May 28, 2013 at 1:31 pm

Menlo Observer -
I hate to be the one to point this out to you but it's called "Global" warming, not "US" warming.
While the 1930's did indeed produce new record highs for the time, average global temperatures since the 1990's completely shatter those old records. That's true whether you look at the annual average of global temperatures or the 5-year running average. Web Link
Any if you do want to only look at US average temperatures, it's clear why you stopped your comparison in the 1990's. According to NOAA - the same source you quote - the 2000's have seen some of the warmest years ever in our country:
"In an update to the 2006 average annual temperature for the contiguous U.S., NCDC scientists report that 2006 was the 2nd warmest year on record and nearly identical to the record set in 1998." Web Link
"According to NOAA scientists, the average temperature for the contiguous U.S. for 2012 was 55.3°F, which was 3.2°F above the 20th century average and 1.0°F above the previous record from 1998." Web Link
Damned inconvenient data I know but let's not bury our heads in the sand and pretend it's not true.

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Posted by Menlo Observer
a resident of Menlo Park: Central Menlo Park
on Jun 2, 2013 at 7:26 pm

[Post removed; off topic]

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Posted by Lisa
a resident of Atherton: Lloyden Park
on Jun 18, 2013 at 12:29 am

In times when all we can hear about are mortgage debts, payday lenders with their sometimes high interest borrowings, credit cards and car loans debts, it gets quite weird to learn that a company is capable of repaying the loan so much earlier. Isn’t this amazing, people? I know that Tesla is a huge and powerful company, but I honestly did not realize that they were that big and financially successful. I wish we had more of such examples. My big congrats to everyone who took part in that process

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