With the loan pressure off, Tesla will expand its relationships with shareholders and will focus on creating an affordable car.
“I do feel as if it’s a weight off our chest, ” Musk said in his first interview after the repayment was announced Thursday. “We did get criticized quite a lot for taking government funding, even though during the first several years Tesla was privately funded — mostly from me.”
Last week Tesla managed to repay the loan it took in 2009, which means CEO Elon Musk can run the automaker for his benefit and the shareholders’. Analysts predict that the automaker will now win more tie-ups and the investor interest will increase. Two of Tesla’s shareholders and customers are Toyota and Daimler.
“Expanding relationships they have with Toyota and Daimler and possibly even adding new relationships is always at the forefront of investors’ minds,” said analyst Ben Kallo of Robert W. Baird & Co. “More so now than ever after they get this loan behind them.”
Daimler currently has 4.87 million shares in Tesla worth $425 million and Toyota has 2.94 million shares worth $257 million. During the first quarter Tesla sold 4,900 Model S sedans and reported its first quarterly profit.
Source: The Detroit News