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Tesla secures $40 million in financing

by Michael Harley (RSS feed) on Nov 3rd, 2008 at 3:31PM

Despite recent negative news surrounding Tesla Motors, the all-electric automaker has just secured $40 million in financing to move forward with ramping up production of its battery-powered sports car, the Tesla Roadster. It was just last month when Tesla was unable to secure a $100 million investment round and was forced to cut nearly 25% of its work force. The failure to fund also slowed work on its second model, an all-electric sedan known as the "Model S." The San Carlos, California-based automaker has more than 1,200 orders for the $109,000 roadster, but has delivered just over 50 to... Read More

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