US electric car manufacturer struggles financially
SEP 26, 2012
DOI: 10.1063/PT.5.026378
New York Times : Yesterday Tesla Motors, a California-based maker of electric cars, announced its plan to raise additional cash by selling 5 million shares of its stock. The company has already received a $465 million loan from the federal government and $133.4 million in reservation deposits from customers. Because the company is consuming cash at a rapid rate and is four to five months behind in producing its new Model S sedan, it appears to be “entering a critical phase,” writes Peter Eavis for the New York Times. Tesla’s financial woes may also add to the criticism of President Obama’s green-energy loan program, which came under fire last year when solar-panel manufacturer Solyndra was forced to declare bankruptcy .
© 2012 American Institute of Physics
