The $40 million financing the company got in December was twice the amount Tesla needed to reach profitability, said Tesla spokeswoman Rachel Konrad. “Moving forward two months later, we remain on track with our cost reductions and production ramp, so it appears highly likely that Tesla will meet the goal promised to those investors of becoming profitable by mid year.”
The company expects another $350 million to be cashed in from the Department of Energy, based on Tesla's loan application regarding Model S research and development. Thanks to this, company officials hope that production of the Model S will begin in 2011.
Tesla has been commissioned by Daimler to build the battery packs and chargers for an initial run of 1,000 electrically powered smart cars. Untainted by the crisis, the company is opening store leases in Manhattan, Miami, Seattle and Munich, to join the already existing ones in Chicago and London.
The first model that exited the Tesla Motors assembly line is the Roadster Sport. It is powered by a 375 volt AC induction air-cooled electric motor with variable frequency drive, that outputs 248 horsepower and 276 lb.-ft. The car can jump from naught to sixty in under 4 seconds, and has an electronically limited top speed of 125 miles (201 km/hour).
The battery that powers the car will last you for about 100,000 miles (160,000 km), and can travel on one charge for a distance of about 220 miles (354 km).