Tesla Motors to Launch Long-Awaited Public Offering, Seeks $100 Million
By John O'Dell January 29, 2010
Electric sports-car maker Tesla Motors filed papers with the Securities and Exchange Commission this afternoon to launch a $100 million initial public offering.
The move, which comes in a soft economy but at a time public interest in and awareness of electric vehicles is growing amid planned EV and plug-in hybrid launches this year by Nissan, General Motors, Ford Motor, and Fisker Automotive, is expected to serve as a referendum on how investors see the future for electric-drive vehicles.
Tesla executives were not immediately available for comment. The Tesla IPO filing was reported by the Wall Street Journal's Market Watch service. It has been anticipated since word of the company's desire to raise money by going public began circulating late last summer.
Tesla, which says it has sold 937 of its $109,000(base price) all-electric two-seat Roadster models to customers in 18 countries, is ramping up to build a $57,400, five-seat electric sedan, the Model S, in 2012.
The company earlier this month received final federal approval for a $465 million loan from the Advanced Technology Vehicles Manufacturing Loan Program to help cover the costs of setting up a manufacturing facility for the Model S, and has indicated that the plant is likely to be located in Southern California.
More as things develop...
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