Tesla says the car will hold five adults and two children, and travel 300 miles on a single battery charge. The company calls it the world's first "mass-produced highway-capable electric vehicle ... with the versatility and practicality of a conventional car."
Tesla Chief Executive Officer Elon Musk, the SpaceX rocket entrepreneur. Tesla was founded in 2003 with $40 million from investors. Musk recently predicted that the company would become profitable by the middle of this year, after it secured another $40 million in venture capital. Tesla has also applied for a $350 million loan from the U.S. Department of Energy.
Tesla says that amount is necessary to go forward with production of the new "Model S" sedan. Tesla is hoping to build 20,000 sedans a year in Southern California, starting in 2011, if the federal loan is approved.
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