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Tesla Motors files to go public

On Friday, Tesla Motors, of San Carlos, CA, filed for a $100 million IPO (initial public offering). The company plans to use proceeds from the IPO to continue manufacturing of the all-electric Roadster sports car and to build the Model S, a luxury sedan.

I wrote about Tesla, and both models,  in June of 2009 – the blazingly fast Roadster (0 to 60 miles/hour in 3.9 seconds, (that’s 0–97 km/h in 3.9 seconds), and the Model S (0 to 60 miles/hour in under 6 seconds, with an electronically limited top speed of 135 miles/hour that should limit only a few of you :-) ). In the pospectus, Tesla indicated that it sold 937 Roadsters and made $93.3 million in the first nine months of 2009, and its balance sheet shows a stockholder deficit of $230 million. (Pretty good performance, during a recession, since the Roadster is over $100,000/each!) Last week Tesla finalized its auto industry loan of $465 million from the U.S. Department of Energy, which is expected to be used to build a manufacturing facility in California. The Bay Area was hit hard, first by GM and then by Toyota, with the closing of the NUMMI plant in Fremont, currently underway.

Tesla anticipates production of the Model S (about $50,000, assuming a $7500 tax credit) in 2012 and is planning a ramp-up to 20,000 units by the end of 2013.

-Bill at

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