Tesla Motors has said it should be profitable by mid-2009 and that it has sold out of its Roadster model until early November.

Tesla CEO Elon Musk said in a newsletter the company would soon be sold out of all of its planned 2009 production of the US$109,000 battery-powered Roadster despite “some cancellations due to buyers experiencing personal financial difficulties.”

Musk also said the privately held car maker expects to unveil its new four-door sedan, called the Model S, on 26 March, according to Reuters.

Musk also said the US Department of Energy had told Telsa it expects to disburse funds from the automaker’s $350m loan application for the Model S within four to five months.

The loan should help the company start production in 2011 as planned, Musk wrote.

As a “gesture of gratitude for their early support” Roadster owners would get a $10,000 discount off the price of the Model S and automatically be first in line to buy one of the sedans.

Last month Tesla announced that it was working with Daimler on an electric version of the Smart minicar, the report added.

Tesla recently was reported to be in “late-stage” negotiations for an undisclosed site to build the Model S with an announcement expected soon.