03/02/2009 05:12 am ET Updated May 25, 2011

Tesla's San Jose Plant Nixed In Huge Setback

The San Jose Business Times reported Thursday afternoon that the car company could not get the $100 million in venture capital it needed to build the plant.

Tesla's corporate headquarters is located in San Carlos on the Peninsula. The company builds its Roadster model in another state, but planned to build its new $60,000 sedan in San Jose. The Roadster costs more than $100,000.

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