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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.

Vintech P550 Tribute – Porsche 550 reborn (2012)

French company Vintech will show this classy P550 Tribute coupe at the 2012 Pebble Beach concours this week. No prizes for guessing that it's inspired by Porsche's pert 550. The P550 Tribute is a carbon-bodied two-seater due to be shown at the The Quail: A Motorsports Gathering on 17 August 2012.

Ferrari plans new club to help loyal owners buy limited-edition cars

Ferrari plans to create a collector's club to give loyal customers a better chance of owning one of the company's limited edition cars. The club likely will be open only to people who possess at least five Ferraris. The Italian supercar brand says there are about 300 collectors worldwide who own five or more Prancing Horse models.