12/01/2008 05:12 am ET | Updated May 25, 2011

Tesla Motors Getting Some Cash

Valley darling Tesla Motors, which makes the Roadster, a $109,000 electric sports car, needs a little more cash. The CEO Elon Musk confirmed with Reuters that the company has $9 million cash on hand and that they're going to get $20 million in the coming weeks from their existing investors. Reuters:

When Tesla failed to secure a $100-million investment round earlier this month, Musk cut 24 percent of the company's work force and delayed development work on a battery-powered electric sedan, known internally as the "Model S."

He also took the CEO post from Tesla's former chief executive, Ze'ev Drori.

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