Report: Tesla Motors drops bid for Energy Department loans

After receiving a $459 million low-interest government loans in 2009, start-up electric vehicle manufacture Telsa Motors says the brand will not be looking for additional funding from the Energy Department.

Elon Musk, Telsa Motors CEO, says “We don’t need any additional funding. We will not be applying for any,” and that the brand has “more money at Telsa than we need to complete the program.” The program loaned out $25 billion to automakers for production of vehicles with improved fuel efficiency.

The initial loans were used in the creation of the Model S, which will be debuting in 2012.

Reports last week stated that Tesla had requested an additional loan.

– By: Alexandra Koken

Source: Detroit News