Print 19 comment(s) - last by arthur449.. on Jun 19 at 4:07 AM

Tesla Model S
Tesla may raise as much as $180 million

One of the most recognizable names in the burgeoning electric car market is Tesla. The company has been offering its Roadster since 2008. The Roadster is positioned as a luxury sports car with performance capable of matching that of some combustion engine powered sports cars.

MarketWatch reports today that the Tesla IPO is set to start on June 29 (it announced its intent to file an IPO back in January). The company plans to offer 11.1 million shares at a price of $14 to $16 per share. As soon as the IPO starts, Tesla has agreed to sell $50 million of its stock to Toyota. It was also revealed that Tesla is purchasing the idled NUMMI auto manufacturing facility, located in Fremont, California, for $42 million.

Tesla will trade with the ticker symbol TSLA. The SEC filing that Tesla filed lists shareholders with more than 5% ownership in the company including Elon Musk, Al Wahada Capital Investment LLC, Blackstar Investco LLC, VantagePoint Venture Partners, and Valor Equity Partners.

Tesla was also granted a $465 million loan by the U.S. Energy Department this year. So far, Tesla has drawn over $45 million in funds from that loan reports 
MarketWatch as of June 14. Tesla's IPO is set to raise as much as $180 million, much more than Tesla stated it would raise in January.

In May, Tesla announced a broad partnership with Toyota – the pair is teaming to produce electric vehicles at the NUMMI plant.

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RE: I like the roadster and model S, however...
By MozeeToby on 6/16/2010 10:46:25 AM , Rating: 2
Their business plan was pretty brilliant, it acknowledged all the technical obstacles and popular misconceptions while still finding a way to be profitable and giving them tons of automatic press. Don't know if the stumbled onto it or planned it from the beginning but either way it was just about the only way for a start up electric car manufacturer to succeed.

Like you said, now they just need to get it down to the point where they don't need to market them as a luxury car anymore. I think the next step could be a FWD rally style car for around 30-35k though. That's cheap enough that the gas savings will cover the additional cost, and still gets to take advantage of all the R&D they've done in building performance vehicles.

RE: I like the roadster and model S, however...
By zmatt on 6/16/2010 10:50:01 AM , Rating: 2
Like a focus rs kind of thing? Hmmm, 300hp fwd that doesn't burn a hole in your wallet, but still tries to kill you. count me in!

RE: I like the roadster and model S, however...
By Connoisseur on 6/16/2010 2:04:43 PM , Rating: 2
is there any particular reason any all electric car would need to be FWD? It's not like they have to worry about transmission costs.

By arthur449 on 6/19/2010 4:07:17 AM , Rating: 2
Cheaper. Lighter.

FWD vehicles don't require as much reinforcement of the unibody frame.

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