Tesla Might Repay the Energy Department Loan Tomorrow, May 22nd image

Tesla CEO Elon Musk said that the automaker will ‘probably’ repay tomorrow, May 22nd, the loan offered by the Energy Department.

Mush added that since the automaker plans to repay the loan tomorrow, the expansion of the Supercharger network has been postponed to next week. On May 17th, anonymous sources said that Tesla planned to repay the rest of the Advanced Technology Vehicles Manufacturing loan sometime this week.

Last week the automaker said it plans to use the $452.4 million raised from proceeds of a stock and debt offering to repay the loan offered in 2009. On May 17th, Tesla increased the size of equity and debt offerings by 30% to $1.08 billion to rise cash reserves and pay back the loan.

In 2012 Tesla began installing the solar-powered Supercharger stations on major highways in the US, for its Model S EV, which can travel up to 265 miles (426 kilometers) on a single charge. Elon Musk said that the chargers network will be expanded, as most of them are currently located in California. The solar-powered Supercharger allows the battery to be repowered in about 30 minutes.

Source: Bloomberg