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GE No Longer Funding Tesla MotorsGE No Longer Funding Tesla Motors
In a recent interview with Car and Driver magazine, Tesla CEO Elon Musk leaked news that GE would invest funds into Tesla Motors. The news spread quickly. It seemed as though Tesla, who has been in and out of financial trouble constantly, had finally secured a source for some funding. But like other past investors, GE withdrew.
On the day that GE was to wire funds to Tesla, they did not. The funds were never sent, no deal was reached, and Tesla Motors would have to continue their search for money. GE cited a budget restructuring and budget constraints as reasons for withholding the funds, but many feel its simply lack of assurance that Tesla Motors can be successful.
Tesla is searching for funds from the federal government and private investors, but their search has provided almost nothing. Tesla CEO Elon Musk is still the primary investor into the company and nothing at this point seems to suggest that will change. Tesla has only been able to raise about $40 million from other sources and needs substantially more funding to carry on its operations.
Billionaire Musk has the money to support the company, but it would not be profitable for him to provide funding alone.
Source: Car and Driver May 2009
View original artcle at: “https://www.greencarreports.com//news/1019873_ge-no-longer-funding-tesla-motors”
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