May 28, 2013 04:07 PM EDT
Tesla Motors Stock Tops $100 For The First Time, Expansion Announcement Expected This Week

Tesla Motors Inc. increased past $100 a share for the first time ever this week according to Bloomberg News.

The company gained 7.9 percent to $104.72 this week, and increased to as much as 8.6 percent to $105.40.

CEO Elon Musk said on May 20 the announcement of the expansion of its supercharger network was being pushed back to this week after the company repaid a large U.S. loan they took out in 2009.

The company repaid the loan nine years before the final payment was due. In doing so, Tesla became the first recipient of a U.S. Energy Department loan to pay off its debt.

Click here to read more about Tesla paying off their loan.

"I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the ATVM program, and particularly the American taxpayer from whom these funds originate," Musk said in a press statement. "I hope we did you proud."

The Tesla Model S is sold for a base price of $69,900 and can go 265 miles per charge.

Tesla started installing solar-powered supercharger stations on major U.S. roadways to help people re-charge their vehicles during long trips, thus making their models seem more desirable.

Click here to read about North Carolina wanting to ban Tesla sales.

Goldman Sachs said in a May 24 report that Tesla is "well positioned" to reach its 21,000 Model S production target in 2013.

Tesla seems to be the only electric car company that is doing well lately.

Fisker Automotive had to lay off most of its employees and failed to make a scheduled federal loan payment earlier this year, and Coda Automotive recently filed for bankruptcy protection and is currently up for sale.

Related Articles:

Family of 4 Killed in Washington After Car Crash, SUV Lands in Irrigation Canal (VIDEO)

Chief Keef 110 MPH: Rapper Caught Speeding in 55 MPH Zone, Taken Away in Handcuffs (VIDEO)

Cadillac Recalls 2013 SRX Crossovers Due To Wheels That Can Fall Off (VIDEO)

NHTSA Investigating 400,000 Ford F-150 Pickups for Reduced Engine Power (VIDEO)

Chris Brown Hit-and-Run? LAPD Investigates Fender-Bender, Could Result in Jail Time (VIDEO)

See Now: OnePlus 6: How Different Will It Be From OnePlus 5?

 PREVIOUS POST
NEXT POST 

EDITOR'S PICK    

Hyundai to Invest $16.1 Billion for EV Business; Sets Annual Sales Goal of 1.87M Electric Cars by 2030

World's Most Expensive and Most Heavily-optioned Porsche 928 GTS is Coming Home to the U.S.

Major Boost as Tesla Giga Berlin Facility in Final Phase of Approval Process; Delivery Event Set This Month

Audi Looking for e-tron Electric Vehicles to Spur Car Brand's Growth in India in 2022

Toyota Offers Free EV Charging to Owners of 2023 bZ4X After Partnership Agreement with EVgo

2022 Suzuki Baleno Finally Unveiled in India: What are the Specs and Features of this City Car?