Elon Musk to bail out Tesla Motors with own money

Famous battery-supercar firm Tesla Motors has said that it expects to secure its financial position by raising further investment within a week, following rumours that it might not be able to deliver cars it has already taken deposits on. The company's new CEO and primary financial backer, PayPal multimillionaire and tech …

[Inachu]

100% rip off.

Tesla employees Are your cars 100% electric and feeding off the cloud grid?

Thought so. You converted to old outdated plug in cars when even TEsla himself was better than choosing such a failed concept as plugging in a car and drove around in a electric car that needed no "PLUGGING IN"

Kinda sad to see todays engineers are nerfing yesterdays technologies.

[Anonymous Coward]

Following the usual model...

"If you want to make a small fortune building sports cars, start with a large one."

Looks like Elon Musk is going down the same route as many others who've tried to get into the car industry, pouring money into a bottomless pit with very little to show for it.

I can't honestly see the situation is going to improve because who - honestly - among the staff, suppliers and customers is going to believe that the company has a future? Everyone will be backing off and where necessary taking back whatever cash is there.

[Martin Usher]

Its the BOWMAN effect....

One problem Tesla has is that unless its got a patent lock on core technologies, patents that it can get license revenue from, then its likely to get swamped by established automakers as they cash in on any sizeable market opened by them. (I call this the BOWMAN effect in honor of that overpriced and semi-functional military radio system that tries to mimic the effect of established consumer technologies -- and fails.)(Because no matter how much R&D money they pour into the project it just cant compete with the entire consumer R&D, production and distribution infrastructure.) The writing's on the wall with the Chevrolet 'Volt' -- GM knows there's a market for electric cars but its not for $100K toys, no matter how nice they are.

[fred]

dudes worth 300+ million

don't worry about him. whats a few million bet on a new industry. you can't take money to the grave!

[James Hughes]

Good for him...

Nice to see someone with a big pile of cash putting it to use rather than watching it accumulate interest, or investing to make even more money. EM is doing alright with SpaceX against incumbent opposition, perhaps he will get these guys going as well.