Tesla drives toward awaited IPO
By Dan Strumpf |
February 1, 2010, Monday
|
Print Edition
Print Edition
ELECTRIC car manufacturer Tesla Motors Inc has said it plans to sell stock to the public.
The company, based in Palo Alto, California, did not disclose last Friday in a filing with the United States Securities and Exchange Commission specifically how much it plans to raise, though it listed US$100 million as a placeholder figure. The actual amount it raises could be higher.
Tesla also did not give a date for when it plans to launch the initial public offering, 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 US$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 sell for US$49,900, including a federal tax credit. That car is designed to travel as far as 480 kilometers on a three- to five-hour charge.
The company has not been profitable. Since its founding in 2003, it has lost US$236.4 million, according to its filing. During the first nine months of 2009, it lost US$31.5 million. The company said it has US$106.5 million in cash as of September 30 last year.
Tesla said it has sold 937 Roadsters by December 31. The company has 10 stores in United States and Europe and disclosed plans to double that by end of this year. The company said it hopes to have 50 stores "within the next several years."
To help it build the Model S, the Department of Energy agreed to extend Tesla a US$465 million loan last June.
The company, based in Palo Alto, California, did not disclose last Friday in a filing with the United States Securities and Exchange Commission specifically how much it plans to raise, though it listed US$100 million as a placeholder figure. The actual amount it raises could be higher.
Tesla also did not give a date for when it plans to launch the initial public offering, 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 US$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 sell for US$49,900, including a federal tax credit. That car is designed to travel as far as 480 kilometers on a three- to five-hour charge.
The company has not been profitable. Since its founding in 2003, it has lost US$236.4 million, according to its filing. During the first nine months of 2009, it lost US$31.5 million. The company said it has US$106.5 million in cash as of September 30 last year.
Tesla said it has sold 937 Roadsters by December 31. The company has 10 stores in United States and Europe and disclosed plans to double that by end of this year. The company said it hopes to have 50 stores "within the next several years."
To help it build the Model S, the Department of Energy agreed to extend Tesla a US$465 million loan last June.
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