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Startup electric car-maker Tesla Motors Inc, which received $465 million in US Energy Department loans, would need to come up with a speedier repayment schedule following a waiver it received on existing terms. According to the Palo Alto, California-based company's regulatory filing yesterday, it had until 31 October to submit a proposal for ''early repayment" of loan principal to the Energy Department. Tesla Motors led by billionaire Elon Musk said it expected to generate $44 million to $46 million in third-quarter sales. The company said it received a waiver on 24 September from a requirement in the previous loan agreement to maintain a specified current ratio of assets to liabilities, which measured a company's ability to repay its debts in the next 12 months. Damien LaVera, an Energy Department spokesman said in an e-mail yesterday that the department worked with Tesla on a minor technical change to the loan agreement that included the company submitting a plan to accelerate repayment of the loan. He added Tesla has made loan payments on time and in full. According to Deepak Ahuja, the company's chief financial officer, Tesla would meet the deadline for the revised payment plan and would be able to pay back loans in less than the existing 10- year term if it became profitable ahead of schedule.
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