Tesla Gets $40 Million Jolt--Enough to Resuscitate?

November 3, 2008
Reports TechCrunch, Tesla Motors has received a $40 million convertible to keep it solvent and building for the moment. This is on top of the $186 million that's already been invested in the company by private investors, of which the company has spent all but $9 million.

Most recently, the firebrand maker of electric sports cars had to lay off 18 percent of its workers (69 individuals total) as well as appointing new CEO Elon Musk. Perhaps most distressing, the company has already collected tens of millions in the form of deposits for 1,200 vehicles, of which only 50 have been shipped to customers.

Despite the woes, Tesla is determined to become a viable mass-market producer of electric vehicles, and its new Model S sedan was to be the latest in its new vehicle lineup. But that project is on hold as the fledgling automaker struggles to survive and complete its new manufacturing facility in San Jose, Calif., all in order to deliver on the promise of cars it has taken deposits to build.--Colin Mathews
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