Published on Wednesday, October 15, 2008
By Daily Breeze Staff Writer
NEW YORK - Tesla Motors Inc. said Wednesday that it will scale back the development of its all-electric Model S sedan until its Department of Energy loan guarantee becomes effective, citing the tough economic environment.
The move is expected to push back production of the vehicle, set to be unveiled early next year, by about six months to mid-2011, Elon Musk, the electric car maker's chairman and product architect, said in his company blog.
In addition, Musk said he will become San Carlos-based Tesla's chief executive, replacing Ze'ev Drori, who will remain on Tesla's board as its vice chairman.
Musk said in the blog that as a result of the ongoing upheaval in the financial world, Tesla has decided to focus on area that are producing revenue: the production of its Roadster sports car and powertrain sales to other automakers
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