Tesla gets $40 million for sedan

Tesla, one of the most talked about eco-car companies and, for that matter, one that shares its name with an awful late 90s rock band, has hooked up with an additional funding round of $40 million.

(Greenbang went to visit Tesla in California last year – check out the film.)

The round was co-led by Valor Equity Partners and Elon Musk, entrepreneur and Chairman of Tesla Motors.

Tesla said the cash will be used to work on a producing a five door sports sedan, due out by 2010, as well as more work on the Tesla Roadster and getting a sales and service infrastructure up and running.

Elon Musk, Chairman of Tesla Motors, said: “The Roadster now in production is just the first of a series of models from Tesla, soon to be followed by our 4 door sports sedan. Eventually, Tesla Motors will offer a full line of electric vehicles, leading the way in the changeover from gasoline cars to an electric future.”