Tesla Motors aiming to raise $250m to fund electric car production
Tue 19 February 2008
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Tesla Motors, the top-end electric car manufacturer, is planning to raise $250m in equity and debt to help fund a move into the production of electric sedans. The company hopes to launch the new vehicle in the US by 2010 and says it aims to sell 10-20,000 vehicles a year.
The Financial Times reports that the California-based car maker plans to build an electric four-door, luxury sports sedan which could compete with a mid-range BMW or Mercedes, that will be on sale for about $50,000.
The company, which says it aims to be the first high-volume electric car maker, is also applying for a loan guarantee from the US Department of Energy for debt finance to build a US production plant for the sedan.
Tesla recently delivered its first electric 'Roadster' to a customer and says it is to begin continuous production in mid-March. The $100,000 Roadster is being assembled at Lotus in the UK using a battery-pack made in California and a motor from Taiwan.
The company has orders from more than 900 customers for the Roadster and plans to sell 1,000 to 2,000 of them in 2009. It says it is also talking to "major car companies" about supplying them with its technology.
In related news, Lotus has announced the establishment of a research and design group dedicated to hybrid and electric cars. The company has previously worked on hybrid and electric vehicles, alongside American electric specialists, ZAP cars, and produced a number of in-house electric prototypes, the latest of which is a mild hybrid unit.
Meanwhile Lightning Car Company, the British niche manufacturer, recently unveiled its newly developed electric luxury sports car, the Lightning GT.
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