Tesla Looks for 350 Million Dollar Loan
December 15th, 2008
Tesla is asking the US Government for a $350 million loan. The company has also claimed that if the loan is not sanctioned then the proposed new plant at San Jose will not be possible.
The American company, had sold its 100th £90k electric roadster this week, has plans for expansion and would like to add a saloon, the Model S.
Already the company has hit trouble and two months ago had to lay off 100 members of staff. Now it’s under more financial pressures and will have to delay the launch of the Model S, if it doesn’t get the government funding.
Tesla says that if the US Government agrees the $350 million loan, it can continue to expand and sell 20,000 electric saloon cars each year by 2011.