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Tesla enjoys further boost with $82.5m funding round

Tesla enjoys further boost with $82.5m funding round

Tesla's golden touch with investors was in evidence again this week, after the high-profile manufacturer of the Roadster electric sports car confirmed that it has raised a further $82.5m (£50m) in a sixth funding round involving Daimler, Fjord Capital Partners, Aabar and other undisclosed backers.

The latest investment round follows hot on the heels of the $50m it raised in May by selling a 10 per cent stake to auto giant Daimler and takes the total raised to date by the company to more than $780m.

According to reports, Tesla had not sought the latest funding round, but was instead approached by investors keen to take a stake in the fast-growing firm. Chief executive Elon Musk did not invest in the latest round.

The new funds will augment the $465m loan the company recently secured from the Department of Energy and is expected to help finance the new factory for its planned Model S all electric sedan - the location for which is expected to be announced shortly.

Some of the funds are also likely to be earmarked for further expansion of the company's retail and services operations, which have already grown considerably in the past few months with the opening of showrooms in Seattle, New York, London and Munich. Further showrooms are planned for Monaco, Washington DC, Miami and Toronto, and the company is committed to expanding its retail presence further ahead of the scheduled launch of Model S in 2011.

The news came as Tesla chose this week's Frankfurt Motor Show to announce the delivery of its 700th Roadster sports car.

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