Electric Cars For Sale

Tesla Motors, one of the cutting edge electric car companies, which has people like the founders of Google, George Clooney and Arnold Schwarzenegger among its fans, has announced that it has been hit by the global financial crisis and is losing money.

Tesla Motors was banking on an investment of $100m, which failed to materialize because of the present financial crisis. Subsequently the company announced that there will be some downsizing of staff, as well as reshuffling of the management team. The South African serial entrepreneur, Elon Musk who has been an investor in the company since its early days would take over as the Tesla Motors new chief executive and manage the day-to-day operations. He said that they would be focusing on two revenue producing business lines, and planned to achieve positive cash-flow within six to nine months. They would continue producing the Roadster sports car which comes with a price tag of $109,000, but would postpone their plan to produce lower priced electric cars for sale. The company had been developing a $60,000 saloon called Model S, but now that would be delayed till 2011.

Tesla Motors has not confirmed how many of its employees are going to lose their jobs. But it has denied reports that up to 250 people, who account for about half of the company’s workforce, would be released.