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The Straight Story

(48,121 posts) Mon Mar 11, 2013, 08:40 PM Mar 2013

Tesla Arranges to Repay U.S. Loans Five Years Early

Tesla Motors Inc. (TSLA), which received $465 million in U.S. Energy Department loans to develop and build electric cars, will repay the funds five years ahead of schedule in a plan approved by the government.

The carmaker said in its annual report yesterday that the department approved amended terms of the loan agreements that enable it to complete repayment by December 2017. Starting in 2015, the Palo Alto, California-based company will make accelerated payments from excess free cash flow, Chief Financial Officer Deepak Ahuja said in a telephone interview.

“Any remaining balance that’s there at the end of 2017 we’ll pay off as a balloon payment,” Ahuja said yesterday.

The maker of battery-powered Model S sedans, led by billionaire Elon Musk, has a goal of becoming profitable this quarter, with deliveries of the vehicle forecast to rise to a record 20,000 units in 2013. Production snags in last year’s second half boosted operating expenses and triggered a wider fourth-quarter loss for Tesla than analysts anticipated.

http://www.bloomberg.com/news/print/2013-03-08/tesla-plans-to-repay-u-s-loans-five-years-early.html

10 replies

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Tesla Arranges to Repay U.S. Loans Five Years Early (Original Post) The Straight Story Mar 2013 OP

so when is GM going to payback all the money it got from the ... taxpayers? nt msongs Mar 2013 #1

Never. We lost money. Indydem Mar 2013 #2

No, we saved 1 million jobs, saved billions in welfare spending, and prevented untold human misery. SunSeeker Mar 2013 #3

Bullcrap Indydem Mar 2013 #5

Not bullcrap. NOBODY was offering money. THAT IS WHY THE GOVERNMENT HAD TO STEP IN. SunSeeker Mar 2013 #6

NOT AMERICAN JOBS - JOBS Indydem Mar 2013 #7

Utter nonsense. No links to support this, because it's fabricated, wholecloth. nt Romulox Mar 2013 #10

We gave 10 times that money to the banks. Go complain about that. Romulox Mar 2013 #9

GM doesn't owe the taxpayers a dime. Deal with it. Romulox Mar 2013 #8

K&R SunSeeker Mar 2013 #4

msongs

(67,435 posts)

1. so when is GM going to payback all the money it got from the ... taxpayers? nt

Reply to The Straight Story (Original post)

Mon Mar 11, 2013, 08:59 PM

Mar 2013

Indydem

(2,642 posts)

2. Never. We lost money.

Reply to msongs (Reply #1)

Mon Mar 11, 2013, 09:05 PM

Mar 2013

http://www.usatoday.com/story/money/business/2012/12/19/gm-stock-treasury-buyback/1779191/

SunSeeker

(51,662 posts)

3. No, we saved 1 million jobs, saved billions in welfare spending, and prevented untold human misery.

Reply to Indydem (Reply #2)

Tue Mar 12, 2013, 05:04 PM

Mar 2013

From the article you cite:

"The GM and Chrysler bailouts saved more than 1 million jobs, the Center for Automotive Research said in 2010, including both GM and Chrysler workers and employees of the companies' suppliers. The actions also prevented the loss of $96.5 billion of personal income in 2009 and 2010, the Center estimated, and let the government save a combined $28.6 billion by reducing entitlement spending on unemployed workers and collecting taxes on wages of those still working."

Indydem

(2,642 posts)

5. Bullcrap

Reply to SunSeeker (Reply #3)

Wed Mar 13, 2013, 11:07 AM

Mar 2013

If GM (a private company owned for profit) would have filed for bankruptcy, other companies would have purchased it, it would have reorganized, or others would have picked over its bones. A million jobs? Not American jobs, thats for damn sure.

SunSeeker

(51,662 posts)

6. Not bullcrap. NOBODY was offering money. THAT IS WHY THE GOVERNMENT HAD TO STEP IN.

Reply to Indydem (Reply #5)

Wed Mar 13, 2013, 11:19 AM

Mar 2013

And yes, a million AMERICAN jobs were saved PER YOUR OWN LINK. Sheesh.

Indydem

(2,642 posts)

7. NOT AMERICAN JOBS - JOBS

Reply to SunSeeker (Reply #6)

Wed Mar 13, 2013, 11:24 AM

Mar 2013

GM only employs 200k people, and most of those are overseas. Take all their suppliers and subsidiaries in Mexico and China and you'll see that there is no way to get to 1 million American jobs.

As for "Nobody offering money" that's bullshit. The government stepped in with a bailout before it was ever an option for private equity to deal with GM. Why is it OK to bail out GM, a wasteful, myopic, shitty company, but not OK to bail out "banksters?"

It's bullshit.