Two people familiar with the situation told Reuters today that electric-vehicle automaker Tesla Motors is planning to go public soon. The sources said that Tesla is outlining plans to offer an IPO and cash in on investors who are interested in the future of electric-vehicles.

A source said that an IPO filing from Tesla is expected any day; however, the source would not give a specific time frame.

Tesla spokesman Ricardo Reyes declined to comment on the report and called it “rumor or speculation.”

Tesla’s investors include Google founders Sergey Brin and Larry Page.

- By: Omar Rana

Source: Reuters

In an effort to ensure that Tesla builds its Model S electric-sedan in California, the state has struck a tax incentive agreement with the San Carlos company. Governor Arnold Schwarzenegger’s office said that a state agency will temporarily hold a title worth of $320 million equipment to be purchased by Tesla and will not pay the sales tax on the transaction, reports Reuters.

The arrangement will allow Tesla Motors to save more than 9 percent of the total cost of equipment purchases to build the Model S sedan. The electric-company will use $238 million to set up a production facility.

While no location has been decided on, Schwarzenegger’s office said potential locations include the cities of Long Beach and Downey.

Tesla will use another $59 million to upgrade Tesla’s Palo Alto powertrain production facility.

The tax deal is separate from the $465 million low-cost loan Tesla received from the U.S. Department of Energy.

Tesla Model S:

- By: Omar Rana

Source: Reuters

If you’re one of the 900 Tesla Roadster owners out there you have to live with a very hard choice – you can either drive efficiently and show off how many miles you traveled on a single charge or you can throw the efficiency part out of the window and show off how you can go from 0-60 mph in 3.9 seconds.

Owner Simon Hackett decided to go with the first when he drove a total of 313 miles in his Tesla Roadster with his co-driver Emilis Prelgauskas during the 10th annual Global Green Challenge in Australia. The distance appears to have set a new record for a production electric-vehicle.

At the end of their trip from Alice Springs to Coober Pedy, Hackett’s Tesla still had 3 miles left on the charge.

Check out the press release after the jump for more details.

Tesla Roadster Travels 313 Miles in 10 Annual Global Green Challenge:

Press Release:

Tesla Roadster Travels 313 Miles on a Single Charge

Competing in Australia”s Global Green Challenge, Customer Simon Hackett”s red Roadster goes from Alice Springs to Coober Pedy with 3 miles left on the charge.

Coober Pedy, South Australia - (Oct. 27, 2009) ““ Tesla Roadster owner Simon Hackett and co-driver Emilis Prelgauskas completed 313 miles (501 km) in a Tesla Roadster on a single charge ““ a distance that appears to set a new record for a production electric vehicle.

Hackett and Prelgauskas are driving Hackett”s red 2008 Roadster as part of the 10th annual Global Green Challenge, one of the most high-profile rallies worldwide for production, prototype and experimental cars. Hackett is providing updates in real time on his blog.

The pair drove from Alice Springs, in the Australian Northern Territory, to the finish marker at a point 183 km north of Coober Pedy, in South Australia.

The previous distance record for an electric vehicle was set in April, when another Roadster was the only vehicle to complete the entire, 241-mile Rallye Monte Carlo d’Energies Alternatives. It had an estimated 38 miles left on the charge.

The Tesla Roadster is the first production automobile to use lithium-ion battery cells and the first production EV with a range greater than 200 miles (320 km) per charge. Tesla has delivered about 900 Roadsters to customers so far.

Hackett sent Tesla the following note before going to bed last night:

“Emilis and I have decades of experience flying gliders competitively and we applied the same energy conservation techniques to our driving, with significant results! The car had about 3 miles of range left when the drive was completed. We travelled 501km on a single charge. Let that sink in for a minute.

“The security seal was applied to the charge port door when we started the journey. As this is being done as part of the Global Green Challenge, we have a full set of official verifiers here who will attest to the results and to achieving the outcome. We were followed along the journey by our support crew and a documentary film crew – so we have it on film.

“It”s late here and we have another 541k to drive (with an intermediate charge stop) tomorrow – and another two days of the event left after that. When we’re done, we will have driven over 3000 km’s in the Roadster over the course of only six days, from Darwin to Adelaide.”

- By: Kap Shah

Tesla has announced a new mobile service program featuring house calls for customers in the United States and Canada. Known as the Tesla Mobile Service Rangers, mobile service squad will visit a Tesla owners” homes, offices or parking garages to perform an range of procedures, including annual inspections and firmware upgrades.

“Customers pay $1 per roundtrip mile from the nearest Tesla service center, with a minimum charge of $100,” said Tesla in a statement. “For example, a customer in Portland, Ore., would pay about $350 plus parts and labor for mobile service from Tesla”s Seattle facility. Mobile service offers peace of mind ““ even for Roadster owners in Honolulu, Anchorage, Banff and other locations.”

The Tesla Mobile Service Rangers are based out of regional showrooms and service centers in Silicon Valley, Los Angeles, Seattle and New York. It will later be offered Chicago, Washington DC, Toronto and South Florida.

Tesla plans to have at least 20 regional sales and service locations in the United States within roughly two years.

- By: Kap Shah

In a new article on Tesla’s blog, Diarmuid OConnell, Tesla’s Vice President of Business Development, is “clearing the air” on the company’s Department of Energy loan. The electric-vehicle company received a total of $465 million in low-interest loans from the DOE, $365 million of which it will use for the production and assembly for the Model S sedan.

Besides that, OConnell said that Tesla will use the money to build a “powertrain manufacturing facility in Northern California, which will build advanced EV powertrain components for other automakers.”

“We hope that technology will enable other manufacturers to get affordable EVs on the market much faster than developing the technology themselves,” OConnell wrote. “The facility will employ about 650 workers. We already sell EV components to Daimler, which will soon begin marketing an electric version of its popular and affordable Smart car.”

However, the most interesting thing OConnell wrote in his post was that the Tesla Model S platform will spawn other Tesla models.

“The Model S platform will also be used for derivatives including a minivan, cross-over utility vehicle and a utility van for fleets and other industrial or civic uses,” OConnell wrote.

Tesla Motors is also planning a mass-market electric-vehicle for less than $30,000.

- By: Omar Rana

Source: Tesla

Tesla announced today that it has settled its legal dispute with founder and former CEO Martin Eberhard stemming from the company’s early struggles to launch an electric sports car. Eberhard sued Tesla accusing current CEO, Elon Musk, of defamation and planning is ouster.

Musk, who made hundreds of millions of dollars as the co-founder of PayPal, is also among the founders of Tesla.

Tesla has had three CEOs in the last two years.

Tesla did not release any details on the terms of settlement between Eberhard and the company.

- By: Kap Shah

Source: Reuters

California start-up, Tesla Motors, has announced the addition of a former Audi sales exec and former YouTube communications head to its team.

John Walker came over from Audi to head up the North American sales division effective immediately, and Ricardo Reyes, who was the head of global communications and public affairs for YouTube will become Tesla’s VP for communications starting mid-September.

Tesla is in the middle of a move from San Carlos, California to nearby Palo Alto. They recently received a $465 million U.S. Department of Energy loan this past June in order to renovate another building for use as a factory for its electric sedan.

According to Automotive News, Jon Sobel will be joining Tesla as general counsel and board secretary come September. Sobel comes by way of SourceForge social media. He has also held several high positions at Yahoo.

- By: Stephen Calogera

Currently, Tesla Motors sells just one car – the $109,000 Roadster. The company has sold just 700 units of the electric sports car and hit profits for the first time in July; No biggie, the Big 3 and other automakers have nothing to worry about… right? Wrong, according to a report by AutoWeek, Tesla has plans to move into mainstream U.S. auto sales over the next 6 years.

The California company recently received $465 million in low-interest loans from the U.S. Department of Energy to support the production of its new Model S sedan. Tesla said that it will use $365 million from the loan to produce the electric-sedan, which will seat four and will start at $49,900 after a $7,500 U.S. federal tax credit. Tesla believes it can sell about 20,000 units a year.

What else does Tesla have up its sleeve? The company says that 5-years after the Tesla Model S sedan enters production, it will introduce a mass-market electric-vehicle for less than $30,000.

Other than that, Tesla Motors just leased a 350,000 square-foot building in Palo Alto, which it will use to produce electric-powertrain solutions for Tesla Motors vehicles and for other automakers.

- By: Kap Shah

Source: AutoWeek

The 248-hp Tesla Roadster is an already expensive vehicle with pricing starting at $101,500. However, it allows you to go from 0 to 60 in 3.9 seconds, is 100 percent electric and allows you to travel 244 miles before you need to plug it in.

What’s better than a Tesla Roadster? A Tesla Roadster Sport. The “Sport” adds a total of 288-hp to the Tesla Roadster, increased winding density for lower resistance and higher peak torque, an adjustable suspension, Yokohama A048 Ultra high-performance tires and the ability to go from 0 to 60 mph in just 3.7 seconds.

Based on Tesla’s Roadster 2, the Tesla Roadster Sport will run you an additional $19,500 for a total of $128,500. Worth it? Of course – if you have close to an extra $20,000 laying around under your mattress.

Click through for the high-res image gallery.

Tesla Roadster Sport:

- By: Omar Rana

Source: Tesla (via AutoblogGreen)

Electric-car fans, or more so Tesla Motors fans, can now rejoice. The electric-car maker’s former CEO Martin Eberhard has voluntarily requested that his lawsuit against the company and its new CEO, Elon Musk, be dropped.

Eberhard requested that the suit be dropped on Aug. 7, according to his lawyer Yosef Peretz. Peretz declined to comment on the issue and said that more will become public about the case in September.

Eberhard originally filed a lawsuit against Tesla Motors and Elon Musk, claiming that Musk had defamed him, had received a damaged Tesla Roadster, was owed wages and that Musk was taking credit for founding the company when Eberhard was the original founder.

- By: Omar Rana

Source: Silicon Valley / San Jose Business Journal (via Tesla Motors Club and AutoBlog)

Tesla Motors announced today that it will use a renovated facility in Stanford Research Park in Palo Alto to produce new electric-vehicle powertrains. The move comes after Tesla was recently awarded a government loan of nearly $465 million to accelerate the production of affordable, fuel-efficient electric vehicles.

Tesla will lease an approximately 350,000 square-foot building. The facility will produce electric-powertrain solutions for Tesla Motors vehicles and for other automakers. The building will have roughly 350 employees, with space for up to 650 people at the facility.

Separately, politicians and local civic leaders have been pitching the NUMMI plant to Tesla’s management who is looking for a new assembly plant somewhere in California. Tesla’s spokeswoman, Rachel Konrad, told Automotive News that the proposal in unrealistic.

“We need about 500,000 square feet for our plant,” which will assemble electric vehicles, Konrad said. “NUMMI is 5 million.”

Make the jump for the press release.

Press Release:

Tesla to open power train facility in Palo Alto, California

Leading electric vehicle maker will also move corporate headquarters to Stanford Research Park in Palo Alto

PALO ALTO, Calif.-The City of Palo Alto and Tesla Motors announced today that Tesla will develop and manufacture electric vehicle components in a renovated building in the Stanford Research Park in Palo Alto.

Tesla, the only automaker that is already producing and selling highway-capable electric vehicles, will lease an approximately 350,000-square-foot building on a 23-acre parcel at 3500 Deer Creek Road. The facility will supply all-electric powertrain solutions to Tesla Motors vehicles and other automakers, greatly accelerating the availability of mass-market EVs.

The world’s premier EV manufacturer will also move its corporate headquarters from San Carlos to the site later this year. Roughly 350 employees will work in Palo Alto initially, with space for up to 650 people at the facility.

Tesla’s lease of this facility is a creative, adaptive reuse and modernization of a manufacturing facility formerly occupied by Hewlett-Packard and Agilent Technologies. The three-building complex is minutes away from Stanford’s main campus and from the garage in Palo Alto where Bill Hewlett and Dave Packard built their original audio oscillator.

“Silicon Valley and the Stanford Research Park are synonymous with innovation and entrepreneurship,” said Tesla CEO and Product Architect Elon Musk. “It’s an ideal place for a new car company trying to rethink many aspects of the traditional automotive business.”

“Our city is a leader in promoting sustainability and has a strong commitment to green technology. Therefore we’re extremely pleased to welcome Tesla to Palo Alto,” said James Keene, Palo Alto City Manager. “Stanford, its Research Park, and Palo Alto have always been at the forefront of new technological discoveries and inventions, as well as fostering practices and ideas that increase environmental sustainability. Tesla’s move is another indicator that Palo Alto is the place to be for the green tech and alternative energy companies that will help solve the daunting global environmental challenges of the 21st century.”

Tesla sells power train components to other automakers so they can get affordable EVs to customers faster. Tesla is already producing EV components for Germany’s Daimler, maker of Mercedes. The company will build the highly anticipated electric version of the Smart city car using Tesla battery packs and chargers.

Tesla, which achieved overall corporate profitability in July thanks to the popularity of the Roadster sports car, expects to announce other powertrain deals in the upcoming months. Tesla has already delivered nearly 700 Roadsters to customers.

“Tesla is rapidly recruiting new employees, and this fabulous working environment and proximity to Stanford University will give us excellent access to top engineering talent,” said JB Straubel, Tesla’s Chief Technology Officer and leader of the powertrain group. Straubel received a bachelor’s degree in energy systems engineering and a master’s in energy engineering, both from Stanford.

Tesla is in site negotiations for an assembly plant for the all-electric Model S. The sedan will be produced at a separate assembly plant in California — not at the Palo Alto site.

Tesla will renovate the Deer Creek Road facility to the highest environmental standards, incorporating sustainable building practices certified by the Leadership in Energy and Environmental Design program. Construction is expected to begin in early fall.

Financing will come in part from loans from the U.S. Department of Energy. Last month, Tesla received approval for nearly $465 million in low-interest loans to accelerate the production of affordable, fuel-efficient electric vehicles.

The loans are part of the Advanced Technology Vehicle Manufacturing (ATVM) Program, which provides incentives to new and established automakers to build more fuel-efficient vehicles. Created in 2007, the $25 billion ATVM aims to reduce America’s dangerous dependence on foreign oil and create “green collar” jobs. The program is entirely unrelated to the stimulus package or the so-called “bailout” funds that General Motors and Chrysler have received.

- By: Omar Rana

Tesla Motors has announced that it turned profitable for the first time in July, shipping a record 109 vehicles during the month. The company said that it attained overall corporate profitability with approximately $1 million of earnings on revenue of $20 million.

Tesla said that profitability arose primarily from improved gross margin on the Roadster 2, the second-generation of Tesla’s award-winning electric sports car.

“In the third quarter, the privately held company will make significant deliveries to European customers while expanding its presence in several countries,” the California-based company said in a statement.

Tesla recently won $465 million from the Department of Energy for development of the Model S sedan. The all-electric sedan will have a base price of $49,900, roughly half the price of the Roadster. Along with the Model S, Tesla is also joining Daimler to produce an electric version of the Smart car.

- By: Kap Shah

Yesterday, a San Mateo County Superior Court Judge denied “former Tesla Motors CEO Martin Eberhard’s” request that he declared one of only two founders of the electric-car company. The ruling is in accordance with Tesla’s claim that the company was founded by a team of several people, including Musk, rather than just two men.

“We agree that Eberhard’s claims on the question of who founded Tesla have no merit. We look forward to proving the facts in court as soon as possible and setting the historical record straight,” Tesla’s current CEO Elon Musk said in a statement.

Eberhard is suing Tesla and current CEO Elon Musk for libel and breach of contract.

- By: Omar Rana

Source: CNET News

Daimler AG recently acquired an equity stake of 10 percent in Tesla Motors in a deal that would integrate Tesla”s lithium-ion battery packs into 1,000 units of the electric Smart ForTwo. According to report by Bloomberg, the German automaker is now selling a portion of its stake in Tesla to Abu Dhabi’s Aabar Investments PJSC.

Aabar will own almost 4 percent of Tesla after the deal. Neither Daimler or Aabar listed the price of the deal.

Aabar said that the partnership with Daimler had was as an objective “a desire to focus on the development of electric vehicles and projects aiming at the reduction of carbon dioxide emissions.”

Aabar also owns 9.1 percent of Daimler giving it 96.4 million new shares making it the company’s largest stockholder.

- By: Omar Rana

Source: Bloomberg

Tesla Motors has confirmed that they will be launching a right-hand-drive version of the electric Roadster in Europe in 2010. CEO Elon Musk said that the re-engineered right-hand drive version would arrive early next year. He said that the cost of re-engineering to a right-hand drive was “not prohibitive.”

Musk said that the right-hand drive Roadster would be exported to other markets including Japan, India and Australia.

The more powerful Roadster Sport version is also being planned for other markets.

Musk recently said that the cost of developing a Roadster has dropped to about $80,000 from $140,000. That should help Tesla reach profitability as early as this month.

Tesla Roadster:

- By: Stephen Calogera

Source: AutoCar

There you are – looking to go green but still wanting to stay cool. After looking over the limited choices you have for electric-vehicles, you narrow it down to the Tesla Roadster; however, the only problem is you don’t have the $109,000 it costs to purchase the Tesla.

Well, Bank of America has come to your rescue. Tesla Motors announced yesterday that it is offering financing for the Roadster through Bank of America.

“Owning a Roadster can result in a lower total monthly cost than a gas-guzzling sports car with a similar sticker price,” Tesla said in a statement. “Thanks to the low cost of electricity vs. gasoline, the Roadster costs roughly $4 to fully recharge – a bargain even when gasoline costs less than $1 per gallon.”

Bank of America will directly finance, document, and service vehicle loans for customers, providing a very easy online interface for these services. All agreements and payments will be between the customer and Bank of America.

Tesla said that it also plans to offer financing for the Model S sedan.

Tesla Roadster:

- By: Stephen Calogera

July is finally here and we’re awaiting delivery of our 2010 Chevrolet Camaro SS as we write this – yes, we are crazy excited right now. Either way, the show must go on and we must fill you in on the random things we’ve come across today on the World Wide Web. Oh, and you can be sure we’ll post a picture of the Camaro SS when it is delivered.

Top 10 most confusing things about Transformers 2: We’re pretty sure by now most of you have seen Transformers: Revenge of the Fallen. We checked it out for the second time yesterday and we have to admit – it was a bit disappointing. While, we’re huge fans of Transformers, the sequel was a bit disappointing and we picked up on some very confusing things in the plot of the movie the second time around. Yahoo! Movies has now put together the list of the 10 most confusing things about Transformers 2 some of which we definitely agree with. Where does Sam’s bandage come from? What about his extra sock? Why does Sam’s roommate not contribute anything at all? What was the Fallen doing for those thousands of years Megatron was frozen in ice? How does one satellite receive transmissions from everywhere on the planet? Why does Wheelie hump Mikaela’s leg? To read more check out the whole list at Yahoo! Movies.

Tesla Motors files for Eberhard lawsuit dismissal: Tesla has reportedly filed for a legal motion asking the San Mateo Count courts to get what it calls a “twisted” and “baseless” lawsuit by co-founder Martin Eberhard to be dismissed. Last month, Eberhard sued Tesla for slander and breach of contract. – Inside Line

Chrysler Financial to cut about 350 jobs in restructuring: Chrysler Financial will cut about 350 jobs and close a couple of customer service centers due to tight credit and weak car sales. It said that it will cut its workforce by about 9 percent. – Reuters

While we had no idea the Tesla Motors CEO Elon Musk eventually has dreams of stepping down form the company’s top job, Musk reminded everyone yesterday that he will remain Chief Executive Officer of Tesla at least thorough 2011 when the Model S electric-sedan is launched.

Musk said that staying on as Tesla’s CEO was a requirement for securing a the company’s recent 10 percent investment from Daimler AG. Damiler’s 10 percent stake strengthens the relationship of the two companies as they work on integrating Tesla”s lithium-ion battery packs into 1,000 units of the electric Smart ForTwo.

“I didn’t really have a choice. This was a requirement of Daimler that I remain CEO of Tesla through the Model S launch and then continue to be part of Tesla in a chairman role beyond that,” Musk said in an interview with Reuters. ”It’s flattering, but at the same time it’s golden handcuffs,” he added.

Tesla Motors recently received $465 million in low-interest loans from the U.S. Department of Energy and will use $365 million for the production and assembly for the Model S sedan.

- By: Omar Rana

Source: Reuters