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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.

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