In a newsletter distributed today by Tesla Motors, CEO Elon Musk provides an update on the business including an announcement that a driveable prototype of the Model S would be unveiled on March 26. The Model S reveal will take place at the Southern California headquarters of Musk’s other company, Space-X, which is where Tesla’s design studio is located. According to ex-Tesla SVP Darryl Siry who refused to show us images of the car no matter how much we begged before his departure, “the Model S a very beautiful car.” As long as it doesn’t have a hump back like the new Porsche Panamera we’re looking forward to seeing it. However, before it becomes anything more than a prototype, Tesla will need a lot more cash to pay for engineering and a factory to build it. As Musk told us when we talked to him in Detroit last month, he fully expects the company to be profitable by mid-year thanks to price increases and cost reductions for building the Roadster. Even if that proves to be true, which will be difficult when considering the current economy, it’s unlikely to be anywhere near the required cash flow to cover the cost of the Model S. Learn more about how Tesla hopes to fund the Model S after the jump, where you can also see the full text of the newsletter. Gallery: Jason Calacanis’ Tesla Roadster Photos copyright (C)2008 Drew Phillips / Weblogs, Inc. [Source: Tesla Motors] Continue reading Tesla to unveil Model S on March 26, hopes for DOE money by summer Auto Blog: EV/Plug-in , Tesla Motors Tesla to unveil Model S on March 26, hopes for DOE money by summer originally appeared on AutoblogGreen on Wed, 11 Feb 2009 14:56:00 EST. Please see our terms for use of feeds .Car Blog Green | Car Blog Green | Car Blog Green

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Tesla to unveil Model S on March 26, hopes for DOE money by summer