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Electric car startup Tesla Motors is delaying the launch of a planned five-passenger battery-powered sedan and cutting jobs to conserve cash as a credit crunch drives funding costs sharply higher.
The company, which sells the $109,000 Tesla Roadster, said on Wednesday it would rely on low-cost, taxpayer-backed loans to cover most of the development costs of its new vehicle, billed as a family car expected to cost about $60,000.
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The company, which sells the $109,000 Tesla Roadster, said on Wednesday it would rely on low-cost, taxpayer-backed loans to cover most of the development costs of its new vehicle, billed as a family car expected to cost about $60,000.
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