Tesla Revs-Up Revenues

Tesla Motors plans to repay its $465 million U.S. Energy Department loan five years ahead of schedule, the Palo Alto-based company disclosed in its annual report this week.

The electric carmaker will make accelerated payments beginning in 2015, Bloomberg reported. “Any remaining balance that’s there at the end of 2017 we’ll pay off as a balloon payment,” Tesla Chief Financial Officer Deepak Ahuja told Bloomberg.

The company hopes to become profitable this quarter, as deliveries of Model S sedans accelerate.

In addition to making money from the sale of its cars, Tesla is cashing-in on the sale of Zero-Emission Vehicle credits. Last year, Tesla made $40.5 million from selling those credits.

California requires automakers to sell a certain number of electric vehicles here, or purchase credits to reach the threshold.

The value of the company’s stock has risen ten percent over the past year.

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