February 26, 2008
Tesla Motors, a manufacturer of high-performance production electric cars,
recently completed $40 million in bridge financing. The round was co-led by
Valor Equity Partners and Elon Musk, Entrepreneur and Chairman of Tesla
Motors.
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, described as a stylish, high-performance,
zero emissions car.
The first production Tesla Roadster was delivered to Elon Musk on February
1, marking a historical milestone for the company. Series production is
scheduled to commence March 17th. The entire production run of the 2008
Tesla Roadster is sold out and the company is currently taking orders for
the 2009 model year.
Tesla Motors is establishing nationwide sales and service capabilities,
beginning with flagship stores in Menlo Park, California, and Los Angeles.
Both stores are scheduled to be opened early this Spring.
"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 Musk. "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."
