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Tesla pays off its government loans

Tesla paid off the last of its $465 million government loans May 22, nine years ahead of schedule, thus outperforming most U.S. college graduates and the vast majority of American homeowners. Tesla used funds from a stock offering to finish the loan with a whopping bank transfer of $451.8 million Wednesday, pointing out that it was “…the only American car company to have fully repaid the government.” Apparently no one at Tesla was even born when Lee Iacocca paid off Chrysler's $1.2-billion government bailout ahead of schedule back in 1983.

Auto Show: Los Angeles Auto Show gives preview into design competition

Ask automobile designers to come up with their interpretation of the 'Ultimate LA Machine' and you'll get a broad array of creative ideas. That's precisely what the LA Auto Show asked Los Angeles area automobile design studios to do - and the results are fascinating, entertaining and thought provoking. The LA Auto Show has provided a sneak peek into the competition by releasing one of the 13 entries - the Hyundai NTT, 'Entity', submitted by the Hyundai Kia America Design Center.

Lotus Evora UK Prices revealed at Geneva

Lotus Evora 2+2 - UK Car Prices announced at Geneva '09 The first four (ish) seater Lotus in a generation, the Evora is powered by a 3.5 litre V6, which manages to produce 276bhp and 252ft/lbs of torque. The Toyota sourced engine manages a 0-60 of around 5 seconds, and on to a top speed of 160mph. And the Evora does a pretty decent job with emissions and economy, especially considering its performance.