Tesla Motors, a manufacturer of high-performance production electric cars, announced it recently completed $40 million in bridge financing. The round was co-led by Valor Equity Partners and Elon Musk, chairman of Tesla Motors.
The company said the financing will be used for the continued development of a 4 door, five passenger sports sedan planned for introduction in 2010, the establishment of company-owned sales and service infrastructure, and the continued production of the Tesla Roadster, a high-performance, electric car.
Tesla said the entire production run of the 2008 Tesla Roadster is sold out, and the company is currently taking orders for the 2009 model year.
"The delivery of the first production Tesla Roadster marks a great historical milestone along the way to Tesla becoming one of the great car companies of the 21st century," said Elon Musk, Chairman of Tesla Motors. "The Roadster now in production is just the first of a series of models from Tesla, soon to be followed by our 4 door sports sedan. Eventually, Tesla Motors will offer a full line of electric vehicles, leading the way in the changeover from gasoline cars to an electric future."
About Tesla Motors
Tesla Motors develops and manufactures electric vehicles. The company says its Tesla Roadster is the only highway capable production electric car of any kind for sale in the United States.
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