Tesla hoping to raise $178 million from stock offering

Tesla Model S

Tesla Motors today set the terms for its much-anticipated IPO. The electric-vehicle maker hopes raise as much as $178 million by selling 11.1 million shares priced between $14 and $16 per share, according to a regulatory filing. Tesla originally filed with the Securities and Exchange Commission in January to raise as much as $100 million.

Toyota will invest another $50 million in the company, according to the deal that was filed in May

Tesla Motors shares will be listed on the NASDAQ stock system under the TSLA symbol.

Tesla’s revenue since 2003 has been just $147.6 million, which it made through the sale of 1,063 Roadsters as of March 31. The company said it will use a long-term $465 million loan from the Department of Energy to kick-off manufacturing of the Model S electric sedan.

– By: Omar Rana

Source: Automotive News (Subscription Required)