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VENTURE FUNDS BACK GREEN CARS
The carmaker is developing a second, lower-cost model, an electric sedan known as the Model S, which will have a base price of $49,900.
Tesla said in September it delivered 700 Roadsters since February 2008. The Roadster, which is built on a Lotus frame, can go from zero to sixty miles an hour in less than four seconds, making it faster than a Porsche 911 or a Ferrari Spider.
The electric car start-up was offered $465 million in low-cost loans by the U.S. Department of Energy to help build the new Model S. Tesla said it will build the new car in California.
Tesla's investors include Google Inc (GOOG.O) founders Sergey Brin and Larry Page.
Tesla will compete with established automakers like Ford, General Motors and Nissan Motor Co (7201.T), all of which are racing to launch electric or plug-in hybrid vehicles. Tesla, by contrast, is a small player with a high-end market and limited production