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DETROIT – Electric car upstart Tesla Motors Inc. will sell common stock again, this time with hopes of raising $214 million to expand its limited model lineup.
The company plans to sell 5.3 million shares to the public and up to 795,000 more to the underwriter, at about $26 each, according to a regulatory filing on Wednesday. The sale follows its initial public offering from a year ago, when its stock was offered at $17.
Tesla Motors to raise up to $214.3M (AP)
AP - In addition, CEO and co-founder Elon Musk will buy 1.5 million shares at $26 each in a private sale. Blackstar Investco LLC, an affiliate of Daimler AG, will buy 644,475 shares directly from Tesla at the same price.
Executives typically buy shares in their own company to show faith in its future.
Shares of the Palo Alto, Calif.-based rose 8.5 percent to close at $28.98.
Proceeds from the sale are needed to develop the Model X, an SUV-like vehicle that will broaden the company's appeal among consumers. Tesla gave no details and didn't offer pictures of the vehicle, which would boost Tesla's sales with an entry into a fast-growing segment of the U.S. market.
Andrea James, an applied technologies analyst with Minneapolis-based Dougherty and Co, said Tesla is building itself into a good, solid company. "That would be another brick in the foundation."
Tesla currently sells just one vehicle, the $109,000 Roadster, an electric sports car popular with celebrities and performance-car enthusiasts. It will offer a $50,000 four-door luxury sedan called the Model S next year.
Tesla also makes technology, such as battery packs and chargers, for Daimler and Toyota. It is developing the power system for an electric version of the Toyota RAV-4, a popular small crossover vehicle.
No date was set for the new stock sale. The offering price will likely be changed to match market demand.
The company has posted losses since the IPO as it invests heavily in research and development. It lost $48.9 million in the first quarter largely because of ballooning costs.
But some analysts believe Tesla could eventually become much bigger as demand for electric vehicles expands.
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发表于 2011-5-25 18:38:45
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