SAN FRANCISCO (MarketWatch) - Electric car maker Tesla Motors Inc.
filed documents Tuesday for an initial public offering of stock that
could net nearly $180 million.
In addition, Tesla plans to sell $50 million of its stock to Toyota Motor Corp. /quotes/comstock/13*!tm/quotes/nls/tm (TM 72.78, -0.26, -0.36%) immediately following the IPO. Tesla recently agreed to buy Toyota's Fremont, Calif. manufacturing facility for $42 million, while receiving an investment from the Japanese auto maker as part of a broader partnership.
Closely-held Tesla said in a filing with the Securities and Exchange Commission that 11.1 million shares will be offered at between $14 and $16 a share, and that it will trade under the ticker "TSLA."
Tesla said that as of March 31 it had sold 1,063 Roadsters, the luxury sports car it introduced in 2008. The company aims to start volume production of its planned Model S sedan, which will sell for nearly $50,000, in 2012.
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