Tesla reveled this week that it has paid off the entire loan awarded to the company from the government nine years before the $465 million was due.
Tesla paid the final $451.8 million it had left today, May 23, living up to a promise the company made last week according to Yahoo.
The large payment came thanks to a stock offering last week which raised approximately $ 1 billion for the California based company, making it possible to repay the loan this quarter after announcing the company experience a profit for the first time ever earlier this month.
Tesla is not the only automaker to pay back its Department of Energy loan in full according to a company press release.
The first seven years the company existed it was funded entirely with private funds, led by co-founder and CEO Elon Musk according to Yahoo.
"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."
Click here to read about North Carolina trying to ban Tesla sales.
The loan was provided by the government's Advanced Technology Vehicle Manufacturing program. The company used the money provided by the government to build two production plants: one for the Model S and another for battery, electrical equipment assembly, and motor production according to Tesla.
Tesla's closest rival, Fisker, also received a DOE loan, but recently hired advisers to help decided on bankruptcy and restructuring options after firing most of their staff earlier this year.
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