What does it take for a car company to be able to tap the debt markets for capital these days?

Being the manufacturer of a $109,000 electric car, evidently.

Tesla Motors, the startup carmaker backed by the hugely successful internet entrepreneur Elon Musk, raised $40 million in convertible debt to help boost its dwindling cash position. Tesla, which has delivered 50 of the luxury electric cars so far this year, was forced to tap the debt markets after plans for an initial public stock offering were foiled by the economic crisis. Private commitments for the $40 million include most of Tesla's major existing investors.

Meanwhile, General Motors, maker of the $13,000 Chevy Aveo, among others, was denied access to capital from the Treasury Department under its $700 billion banking bailout plan, according to the New York Times. The automaker had requested $10 billion in government financing to help it merge with the equally troubled Chrysler. Instead, the administration plans to offer $25 billion in low-interest loans to Detroit's Big Three to help finance manufacturing of fuel-efficient cars.

Moreover, Bloomberg reports that, in October, Ford, G.M.A.C., and Chrysler were shut out of the bond market for auto-backed loans for the fifth consecutive month. Last month, $500 million worth of auto bonds sold, compared to $9 billion in the same month last year. If the automakers can't finance loans, they won't sell cars.

It's a sordid tale of two car companies: G.M. and Tesla. In an economic recession, it would seem that cheap cars would be in higher demand and astronomically luxurious autos would be hurting.

For its part, Tesla hasn't been immune from the downturn. It just happens to have willing and wealthy investors who continue to believe in it. Last month, the company cut nearly a quarter of its full-time workers and delayed production of a less-glitzy $60,000 electric car.

And, let's be honest here, a $40 million loan for G.M. would likely be gone after one week's worth of health-insurance payments. General Motors doesn't need $40 million to survive. It needs a miracle.

And October sales figures won't help that miracle play out anytime soon. U.S. sales of light trucks and vehicles at G.M. fell by 45 percent over last year. Ford's fell by 30 percent.