Model S, Millions in Loans, and Profits Ignite the Electric Revolution

In March 2009, the company introduced the groundbreaking Model S sedan at its SpaceX headquarters. Within two months, over 1,000 reservations flooded in. In June, Tesla secured a significant $465 million loan from the U.S. Department of Energy, propelling their engineering and production of the Model S. Notably, it became the first car company to repay the loan, including $12 million in interest, by May 2013.

July 2009 marked another milestone as Tesla achieved corporate profitability, driven by impressive gross margins from shipping a record 109 Roadsters. Funding rounds and strategic partnerships further bolstered its trajectory. To maintain ownership, Daimler increased its stake.

Next: Preparing to go public.