Valley darling Tesla Motors, which makes the Roadster, a $109,000 electric sports car, needs a little more cash. The CEO Elon Musk confirmed with Reuters that the company has $9 million cash on hand and that they’re going to get $20 million in the coming weeks from their existing investors. Reuters:
When Tesla failed to secure a $100-million investment round earlier this month, Musk cut 24 percent of the company's work force and delayed development work on a battery-powered electric sedan, known internally as the "Model S."
He also took the CEO post from Tesla's former chief executive, Ze'ev Drori.
"We didn't raise the $100 million but we still need to raise some money to get to cash flow positive," Musk said. "We actually probably only need on the order of $20 million to do that. We're going to raise more than that, but we only need about $20 million."
See Also:
Fourth Time's A Charm: Elon Musk's SpaceX Launches
Want A Tesla Next Year? Get In Line Now
Tesla Goes Chic Before Geek
