May 22, 2010

Toyota invests in Tesla

CARS - Toyota has made a $50 million USD investment in electric sportscar Tesla Motors Inc. The automaker is not alone in the investment in the car. Daimler, the Abu Dhabi government, venture capitalist Elon Musk are also investing in the electric sportscar known for its speed and its design based off the Lotus Elise.

"This is supposed to be the wave of the future and it never happened," says John Fitzgibbon of "But Tesla has larger revenue than past electric-car startups and now it has a $50 million infusion from one of the leading auto competitors. So that certainly tells you that somebody has confidence in this thing."

"You have the ecology thing behind it and the appeal of not relying on oil from Saudi Arabia or oil squirting into the Gulf of Mexico."

Tesla Motors already ranks among the most visible-initial public offerings on the plate for 2010 because of its appeal as a low emission product. Green tech is considered to be the future and "blue chip companies are so turn of the millenium."

Tesla filed plans to go public back in late January as part of its push to raise money to mass produce electric cars for the mainstream market. The company said it planned to raise up to $100 million, at the time.

IPO nonsense aside, the Tesla is a great car. It relies on the Lotus Elise's already amazing power to weight ratio, allowing the car to stay very lightweight despite packing battery power and an electric motor.

In 2009, Tesla reported $112 million USD in revenue and has sold a total of 937 Tesla Roadster electric cars as of Dec. 31, 2009.

Tesla is planning mass production of its Model S sedan with a target yearly production of up to 20,000 cars per year, priced under $50,000. It will be the first electric car built for families which can actually go like stink... and travel long distances between trips to the plug.

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