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Tesla Motors Raises IPO With a Hopeful June Opening Date
In brief: Tesla Motors has filed an S-1 amendment, upping its total shares to 11.1 million, raising its total projected value to $1.46 billion.
The initial offering is expected to show shares between $14 and $16 and Tesla expects to bring in about $100 million from those sales, including $50M in promised purchases from Toyota.
The filing also makes it clear that Tesla and Toyota have no formal agreement to collaborate on any vehicles. This despite rumors in the Japanese press that Toyota is planning an electric car (probably the iQ) using batteries supplied by Tesla.
The latest documents also give Tesla's first quarter sales, showing them at $20.6 million, which is down from $29.5 last year.
And so ...
Tesla plans to release the Model S in mid-2012 and hopes that a successful initial public offering will fund the purchase of Toyota's NUMMI plant and gear it up for production of the S.
Photo credits: Tesla Motors
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