Tesla secures $40 million in financing

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 date. With early transmission problems solved and plenty of cash on hand, the high-profile automaker seems to have finally found itself in a position to zip forward.

[Source: Automotive News, subs. req'd]