Tesla Motors Inc. raised $226 million selling shares above its forecast price range in the first IPO (initial public offering) of a U.S. automaker in a half century, according to the Securities and Exchange Commission filing. The IPO would be the first by an Ameriacan car manufacturer since Ford Motor Co. in 1956.
Tesla sold a total of 13.3 million shares at $17 each yesterday after offering them for $14 to $16, according to Bloomberg data and a Securities and Exchange Commission filing.
A Securities and Exchange Comission filling shows the funds will be used for production site payments and for potential future acquisitions.
The news has to come as a surprise for Elon Musk, the company's CEO and largest shareholder. He has reportedly spent $70 million of his own personal fortune propping up Tesla while the company's losses mounted.
Last year the company lost $55.7 million, which brings its total lost since inception seven years ago to $260.7 million.
So far, Tesla has created functional prototypes of the Model S but has not lined up a platform on which to build the car. News also broke recently that the company reached an agreement with Toyota to build electric cars at the former NUMMI plant in the U.S. Tesla is planning to build the Model S, its second vehicle, at the plant, which is expected to go on sale in 2012 priced at around $50,000. If Tesla is able to ramp-up to full production, they will produce 20,000 units annually. The factory will be supported by a $50 million investment coming from Toyota.
Tesla's current range only includes the Roaster model, but the company plans to further expand its line-up with several other models all based on the Model S, including a crossover, convertible and commercial van.
Tesla will start trading its shares on the Nasdaq Stock Market today using the TSLA symbol.
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