Tesla Motors Completes $40 Million Financing Led by Valor Equity Partners and Elon Musk
SAN CARLOS, CA--(Marketwire - February 19, 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, 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 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 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 with exceptional
design, performance and efficiency, while conforming to all U.S. safety,
environmental and durability standards. The Tesla Roadster is the only
highway capable production electric car of any kind for sale in the United
States.
With a 0 to 60 mph acceleration of 3.9 seconds and the fastest 30 to 70 mph
acceleration of any production car ever tested by Car & Driver magazine,
combined with an EPA rating of 135 MPG equivalent, the Tesla Roadster is
unique in providing super car performance at twice the energy efficiency of
the best hybrids. For more information, visit www.teslamotors.com.
Contact Information: Contact:
Darryl Siry
Tesla Motors
(650) 413-6260