PALO ALTO, Calif. — Electric-car maker Tesla Motors increased the amount of stock to be sold in its initial public offering. The shares were expected to start trading today.
In an amended prospectus for the deal, Tesla said it raised the planned size of the IPO to 13.3 million shares from 11.1 million shares.
The company kept the expected price range of the shares — given the Nasdaq trading symbol TSLA — at $14 to $16 each. The stock has been given the Nasdaq trading symbol TSLA.
Founded in 2003 by Elon Musk, who made a fortune as a co-founder of PayPal, Tesla has yet to turn a profit. The company introduced its first electric car, the $109,000 Roadster, in 2008. It has sold about 1,100 of the cars worldwide.
The IPO proceeds are to fund production of Tesla’s new vehicle, the Model S sedan, which is expected to sell for about $57,000.
Tesla says the Model S will accelerate from 0 to 60 mph in 5.6 seconds, making it among the quickest four-door sedans. It is expected to get 160 to 300 miles on a single charge, depending on the version. Los Angeles Times; Bloomberg News photo
