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Tesla Torques Up IPO Estimate
Tesla, the money-losing electric-car maker with big promises of new offerings with partner Toyota, has upped the amount of money it hopes to raise in an initial public offering.
The maker of a $133,000 high-speed, high-performance electric sports car has plans to introduce a sedan, the Model S, in the near future, and to team up with Toyota on future electric-car offerings. It’s bought the defunct New United Motor Manufacturing Inc. (NUMMI) site near Fremont, California—the only car factory in California—to build new cars.
It also plans an IPO and had earlier estimated it would raise about $100 million. It’s upped that estimate to sell 11.1 million shares at $14 to $16 a share, with a goal of raising $178 million. Toyota will buy about $50 million worth of stock as part of its deal with Tesla.
Tesla, controlled by Paypal co-founder Elon Musk, will use funds from the IPO to build its sedan.
Kent Bernhard Jr. is News Editor of Portfolio.com
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