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Bailout, Tesla Style
Don’t call it a bailout.
On February 12, 2009 Tesla announced that they had finally secured Department of Energy loans amounting to around $350 million, ostensibly to cover the costs of building a manufacturing plant in San Jose. Coupled with the $40 million in private cash it scored at the end of last year, the darling of green car enthusiasts is truly seeing green.
Tesla also inked a deal with Daimler recently to supply them with power trains for the initial 1,000 Daimler Electric Smart EV’s, so they are making some money the old fashioned way, which is encouraging.
Chairman Elon Musk is making the most of this good news, hoping, I assume, to put at ease the worries spawned by the company’s layoffs, word of customer cancellations, and the delays in production of both the Roadster last year and the Model S sedan this year.
On the subject of the more inexpensive sedan, Musk also announced that they will unveil a prototype of the Model S on March 26.
Finally, more Tesla showrooms are on the way. Musk says they have store leases in place in both Chicago and London, and are working to secure leases in Manhattan, Miami, Seattle and Munich, with the assurance that these showrooms will open in 2009.
So much good news, blogged with the explosive enthusiasm of an executive whose company is in dire straits.
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