Electric car-maker Tesla Motors (NASDAQ:TSLA) has negotiated a new plan with the U.S. government to repay federal loans half a decade earlier than previously planned.
The U.S. Energy Department provided the company with $465 million in loans to develop the technology used in its high-end, battery-powered luxury cars. Under the original loan terms, the company had until 2022 to pay the government back, Bloomberg noted.
That time has now been cut to just five years. Tesla expects to complete its loan repayments in 2017.
Tesla expects to produce 20,000 of its Model S vehicles — each priced at about $100,000 — this year. It hopes to turn a profit during its current fiscal quarter.
In November, Motor Trend named the Model S its 2013 Car of the Year.
Last month, Tesla founder and CEO Elon Musk vented his displeasure with a negative New York Times review of the Model S via Twitter, challenging the reporter’s account of his test drive.
Shares of Tesla Motors climbed more than 1% in Friday morning trading.