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Electric car maker Tesla Motors plans IPO

Electric car maker Tesla Motors plans IPO

Electric car manufacturer Tesla Motors Inc. said Friday it plans to sell stock to the public.
The company, based in Palo Alto, California, said in a filing with the Securities and Exchange Commission that it intends to raise $100 million with its initial public offering. However, that figure could change.
Tesla did not give a date for when it plans to launch the IPO, nor did it say how many shares it would sell or at what price.
A Tesla IPO has been widely anticipated. The company has garnered attention for its high-end Roadster, an all-electric sports car that retails for $109,000.
The two-door Roadster is the only model Tesla currently sells, but the company plans to start selling a four-door sedan, the Model S, in 2012. The Model S is slated to go for $49,900 when including a federal tax credit.
The company has not been profitable. Since its founding in 2003, it has lost $236.4 million, according to its filing. During the first nine months of 2009, it lost $31.5 million. The company said it has $106.5 million in cash as of Sept. 30.
Tesla said it has sold 937 Roadsters as of Dec. 31.
To help it build the Model S, the Department of Energy agreed to extend Tesla a $465 million loan last June. That car is designed to travel as far as 300 miles on a three- to five-hour charge.


Updated : 2021-06-25 06:24 GMT+08:00