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Tesla's Future: Will Another Company Be in the Driver's Seat?

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Very interesting piece. This sums it up and is nothing new to anybody here:

As mentioned before, Tesla's prospects heavily rely on a successful launch of its Model S in mid-2012. Any long delays in production could spell financial demise for the company.

A successful and on time Model S launch would help Tesla buy years of time and completely change the equation. Being acquired would certainly not be the only option in that case.
 
Being majority shareholder, Mr. Musk has the final say. I doubt he would do something like sell, before his EV dream is realized.

Looks like you're right:

Is Tesla a takeover target? Elon Musk says probably not Autoblog Green

Elon Musk said:
Their analysis of Tesla is incredibly bad. Tesla is of course a potential takeover target, like almost all public companies. However, I'm also highly confident that we can succeed as an independent company.
 
Tesla Motors may be considered a takeover target but I think interested parties are waiting to see how the Model S does before making any moves. On the other hand, Mr. Musk very well wants to see the Model S, Model X and may the new Roadster come to life before thinking about takeovers or buyouts.