Tesla Motors raises target for IPO
The automaker plans to take in $185 million through its public offering and an investment from Toyota, which is reportedly looking at using Tesla batteries in its electric cars.
Electric-car maker Telsa Motors said it expects to raise about $185 million in its planned initial public offering and an investment from Toyota.
On Tuesday, Tesla filed an amendment to its S-1 document in which it raised to 11.1 million the number of shares in the company it will offer, with an initial price range between $14 and $16. When it first filed to go public on the stock market, Tesla said it expected to .
If the stock sells at the high end of that range, the company will be valued at about $1.46 billion, according to PEHub.
After the IPO, Toyota will purchase $50 million worth of Tesla shares at the IPO price. Also, Tesla plans to purchase the NUMMI vehicle manufacturing plant in Fremont, Calif., where it will produce theand an electric vehicle in a partnership with Toyota announced last month.
Since the announcement of the much-publicized, Tesla has indicated through public filings with the SEC that the agreement to manufacture electric vehicles has not yet .
Last week, Japanese news outlets Kyodo and Nikkei quoted unnamed Toyota executives saying that the two companies this year plan to develop a prototype Toyota vehicle equipped with batteries from Tesla. Toyota is developing a and plug-in versions of its existing models.
In its latest documents, Tesla said that its sales for the three months of 2010 were $20.6 million, slightly down from the same period last year, and that its net losses were up to $29.5 million from about $16 million during the first three months of 2009.
Tesla, which has raised more than $220 million in funding, is on the leading edge of a surge in electric-vehicle development and an important financial marker for other.
Right now, the company's revenue is primarily from its Roadster sports cars but its fortunes ride on sales of the Model S, which Tesla hopes to start manufacturing in the middle of 2012.
Updated at 7:42 a.m. PT with corrected location of NUMMI plant.