Tesla Makes News After Appearing on My Blog!

Remember last week when I posted a photo about a Tesla car being shown at the Marin Civic Center? Well, seems like another story was going on in the background.
Here's a release posted today on Silicon Alley Insider's website:

Tesla Motors Getting Some Cash

Vasanth Sridharan | October 31, 2008 12:52 PM

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."

Tesla Car Shown at Marin Center

Had a chance to check out a Tesla electric car yesterday in San Rafael which was part of a presentation to Autodesk employees. If you are not familiar with this car, which is what all electric vehicles want to be when they grow up, go to their website:
http://www.teslamotors.com/