Tesla Motors Receives $40 million Cash Influx to Avoid Insolvency

Posted on November 3, 2008 at 8:07 am (PST)

Tesla Motors has been promised $40 million in financing in order to avoid bankruptcy and insolvency. The electric car manufacturer has had a tough couple of months. First, there was a pretty huge round of layoffs and then their Detroit office closed down. So, any good news is a welcome change of pace.

Elon Musk, the owner of the company, admitted just a few weeks ago that Tesla Motors had as little as $9 million in the bank, so this new investment will go a long way to making sure orders get filled and employees get paid. Here is to hoping they see brighter days in the future.