A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

Electric car maker Tesla plans to sell new stock

Washington — California startup electric vehicle automaker Tesla Motors Inc. said it will issue 2.7 million new shares of stock and new debt due in 2018 to repay the Energy Department early for the remaining $450 million in a low-cost government loan.

In 2009, Tesla won a $465 million U.S. loan — one of five awarded under the $25 billion Advanced Technology Vehicle Manufacturing Program — but vowed to pay if off years early.

Tesla expects to raise $830 million and will prepay Tesla’s outstanding U.S. loan.

Other companies haven’t fared well. Vehicle Production Group, based in Allen Park, which won a $50 million loan from the Energy Department, suspended operations and laid off nearly all of its staff as it hopes to announce a sale of the company soon. Fisker Automotive Inc., which won a $529 million loan, hasn’t been able to build a car since July and has also been searching for a buyer.



Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.