Tesla Motors Inc., the electric-car company led by Elon Musk, is using the last of its $465 million in US loans and plans to start repaying them by the end of the year, the first start-up to fulfill requirements of the criticized program.

The maker of Roadster sports cars had $104.5 million left as of March 31 of the Energy Department loans awarded in June 2009, Tesla said in a regulatory filing.

The remaining funds will be used in the third quarter, with repayments to begin in December, CFO Deepak Ahuja said.