Tesla Motors on Sunday announced it has raised $40 million in financing from most of the company's current backers, including Elon Musk, VantagePoint Venture Partners, Draper Fisher Jurvetson, and Technology Partners.

The convertible debt funding comes  after Tesla experienced  economic pressures earlier this month that resulted in staff layoffs. Mr. Musk, who recently took over as Tesla’s CEO, had previously emphasized Tesla’s goal to be cash-flow positive within six to nine months.

“Forty million is significantly more than we need,” Mr. Musk said in a statement. “However, the board, investors, and I felt it was important to have significant cash reserves.”

So far, the San Carlos, California, company has shipped 50 Roadsters, the $100,000 all-electric sports car with a 1,200-person waiting list. The company is currently churning out 10 Roadsters per week and will boost production to 30 cars per week by early next year.