Tesla Motors, an emerging electric car manufacturer, has completed a $45 million venture funding round, the fourth since its 2003 launch.
The latest round brings Tesla’s total funding to $105 million.
Tesla plans to use the funding to begin mass production of the Tesla Roadster, to launch a company-owned sales operation and to develop the electric sports sedan, “WhiteStar.”
The Tesla Roadster, priced at over $90,000 and designed to accelerate from zero to 60 miles per hour in four seconds, sold out its first production run in four months. There are 400 reservations on its waiting list, including California Gov. Arnold Schwarzenegger.
The “WhiteStar” will be a five-passenger sedan for the 2010 model year.
The investment round was led by venture capital firm Technology Partners and Elon Musk, co-founder of PayPal. All of Tesla’s major investors also participated, including Vantage Point Venture Partners, Draper Fisher Jurvetson, JP Morgan Bay Area Equity Fund, Valor Equity Partners and Compass Venture Partners.
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