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Tesla Completes $40 Million Bridge Financing

Tesla Motors, a manufacturer of high-performance production electric
cars, recently completed $40 million in bridge financing. The round
was co-led by Valor Equity Partners and Elon Musk, entrepreneur and
Chairman of Tesla Motors.

The financing will be used for the continued development of a 4
door, five passenger sports sedan planned for introduction in 2010,
the establishment of company-owned sales and service infrastructure,
and the continued production of the Tesla Roadster, a stylish,
high-performance, zero emissions car.

The first production Tesla Roadster was delivered to Elon Musk on
February 1, marking a historical milestone for the company. Series
production is scheduled to commence March 17th. The entire
production run of the 2008 Tesla Roadster is sold out and the
company is currently taking orders for the 2009 model year.

Tesla Motors is establishing nationwide sales and service
capabilities, beginning with flagship stores in Menlo Park and Los
Angeles. Both stores are scheduled to be opened early this Spring.

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