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Tesla raises more cash from backers

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From Times Wire Services

Tesla Motors Inc., aiming to be the first high-volume electric car maker, raised $40 million more from Silicon Valley investors to ensure that it could begin production next month after delays and a management shake-up.

Tesla is closing the “funding round right now,” Chairman Elon Musk said. San Carlos, Calif.-based Tesla collected $100 million earlier from backers including Google Inc. founders Larry Page and Sergey Brin and venture capital firms such as Palo Alto-based Technology Partners.

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