Tesla Raises $226 Million in 1st U.S. Carmaker IPO in 54 Years

June 29th, 2010

Via: Bloomberg:

Tesla Motors Inc., the electric car company that hasn’t posted a profit, advanced as much as 12 percent after raising $226 million in the first initial public offering of a U.S. automaker in a half century.

The maker of the $109,000 electric Roadster bought by Brad Pitt and George Clooney rose to $19 before paring gains to $17.82 as of 11:40 a.m. New York time in Nasdaq Stock Market trading. The company sold 13.3 million shares at $17 each yesterday after offering them for $14 to $16, according to a statement and a Securities and Exchange Commission filing. The Palo Alto, California-based company will use proceeds to pay for factories and possible acquisitions.

The IPO was the first by an American car company since Ford Motor Co. in 1956. Chief Executive Officer Elon Musk, who has staked his personal fortune to Tesla after making almost $300 million selling PayPal Inc. and Zip2 Corp., is using the offering to fund a startup that expects to lose more money in the next two years as it tries to build a battery-powered sedan.

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One Response to “Tesla Raises $226 Million in 1st U.S. Carmaker IPO in 54 Years”

  1. Eileen says:

    I think this GREAT!
    Also great that the plane “crash” that killed so many from Tesla did not stop the “force” from protecting this company from “moving on.”
    This is HUGE actually. The TPTB must be distracted (got an oil volcano to deal with?), else they would have prevented the Tesla IPO from taking off, with what appears, wings under their sails. Hats off and a bow to Tesla.
    Keep on keeping on Tesla, and may the light force continue to be with you. And Dick C, look what good manifests in the world when you are out of it and don’t have your finger on the controls.
    Awesome goodness. Eat some of this good stuff and see what happens.

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