Tesla Motors Completes $40 Million Financing

SAN CARLOS, CA-- 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. Link.