U.S. Department of Energy says this week that one controversial loan program for new energy vehicles will be restarted to accept applications from vehicle manufacturers. Earlier, Tesla and another Electric car maker, Fisker, are beneficial from this project.
The loan program has been a major controversy, with Republicans pointing to the failure of solar panel maker Solyndra and likely bankruptcy filing by plug-in hybrid car maker Fisker to make the case that the government embarked on risky "green energy" loans. Former Massachusetts Gov. Mitt Romney cited Tesla, along with Fisker, in bashing President Obama over the loans during the presidential campaign last year.
Tesla Motors announced Wednesday that it has paid off its entire federal loan. It is paying off $451.8 million of the remaining loan approved by the Energy Department in 2009 -- with interest. The repayment is sure to relieve pressure on the company and the Obama administration.