Monday, November 3, 2008

Tesla Gets $40M In Debt

San Carlos-based Tesla Motors, the troubled electric car maker headed by Elon Musk, said early Monday morning that it has received $40M in a convertible debt round. According to the firm, the financing came from "almost all" of its current major investors. Tesla said the new funding will go towards accelerating manufacturing of its Tesla Roadster, as well as to expand its electric powertrain supply business and product development. High profile Tesla has been rumored to be low on cash and looking for an equity raise.