Tesla Laying Off Employees and Delaying All-Electric Sedan

Posted by: rbregoff
Thanks to: rob bregoff

18 October 2008 - 9:00am

Electric car start-up in Silicon Valley said Wednesday that it would lay off employees and delay production of its second car, the Model S, until 2011.

"Tesla, the poster child for the Valley’s push into “clean technology,” has had a particularly difficult year, with previous layoffs, executive turnover and production delays for its first car, a $109,000 all-electric roadster, as well as the Model S sedan."

"The Model S, which is intended to travel 200 miles on a single charge of its lithium-ion battery pack, is expected to sell for around $60,000. It’s introduction will now be delayed from 2010 to mid-2011, six months after General Motors is expected to offer its electric Chevrolet Volt.

In September, Tesla announced that it would lease 89 acres in San Jose to build a headquarters and factory."

Full Story: Tesla Says It Will Lay Off Employees and Delay Its All-Electric Sedan Until 2011

Source: The New York Times, October 16, 2008