Followers

June 29, 2010

Tesla IPO posts strong gains

CARS - Electric car maker Tesla has gone public with an Initial Public Offering (IPO) of common stock. The interesting part is that they raised more money than expected on their first day of trading. (See Green Sports Cars.)

Shares of Tesla Motors Inc. soared despite markets in the USA being down 2% for the day, raising $226.1 million USD and selling 13.3 million shares at $17 USD each. (They were only expecting to sell 11.1 million shares at approx. $14 each.) At one point shares were trading as high as $19 and closed at $18.37 USD.

This strong performance suggests many investors want to invest in green technology.

Electric car maker Tesla is based in Palo Alto, California, makes the $109,000 Tesla Roadster and is also coming out with a more reasonably-priced family car in the near future.

“The response from investors has been tremendous,” says CEO Elon Musk. “We increased the size of the offering and the demand was still enormous, so we increased the price to a dollar above the top of the range and we still had massive, overwhelming demand.” CEO Musk is also a co-founder of PayPal and currently runs a space tourism company. He's known for his ability to build on trends for the future.

Tesla's design patents for batteries and drive system may become standardized in the future as the electric car market continues to grow sharply.

Tesla's upcoming $50,000 four-door electric sedan, the Model S will go on sale in 2012 and they're expecting to build a modest 20,000 per year.

Toyota Motor Corp. last month agreed to invest $50 million USD in Tesla and hopes to someday sell Toyota cars using technology being developed by Tesla.

Nissan is also coming out with an electric car, the $25,000 Leaf, as is General Motors with the $35,000 Chevrolet Volt.

See Also
Tesla Roadster proves electric cars can work
Toyota invests in Tesla
Behold, the Scorpion Hydrogen Supercar

No comments:

Post a Comment

Comments containing links will be marked as spam and not approved. We moderate every comment. If you want to advertise on this blog it is $30 per link.

Affordable Website Design & SEO

Looking for a quality professional website designer? Why not go where the smart money is?! Toronto Website Design and Toronto SEO. Get free SEO advice from people who really know the business.

Featured Posts

The Sarcasm Symbol
Ever had some confusion online or with your cellphone when someone fails to catch the sarcasm? Well now with the SarcMark you can ge...
Behold, the Scorpion Hydrogen Supercar
CARS - To the right is the future of supercars... it is a hydrogen supercar called the Scorpion. The Scorpion from Ronn Motors in Texas is t...
Documents show Stephen Harper misusing public funds
CANADA - According to 950+ pages of documents obtained by the Canadian Press under the Access to Information Act the Privy Coun...
Pink's Rosie the Riveter
ENTERTAINMENT - What I like about this video is how it meshes different social movements like feminism, veganism, anti-capitalism...
California's Dustbowl
ENVIRONMENT - The photo on the right is a farm in California that has been put up for sale. Its just one of thousands of farms that are n...
Is Steampunk the New Goth???
GOTHIC - Watch out what you see on the subway late at night because while in 2001 you might have seen some pretty freakish goths, by 20...
Do you have enough Ice Water in your diet?
HEALTH - A Calorie (large C) is a measurement of the amount of energy needed to raise the temperature of a litre of water (1 kg's worth) ...
North Korean timeline towards Inevitable War
POLITICS - The following is timeline of events that have occurred on the Korean Peninsula. 1945 - Japan surrenders to the United States a...
Judgment Day is Tomorrow, so sayeth Cult
RELIGION - According to a cult based in California, Judgement Day is tomorrow (May 21st 2011) and Jesus Christ will return to the Earth a...
Sex in Space Forbidden
SEX/TECHNOLOGY - Sex in outer space is a big no-no according to NASA. Not for professional astronauts at least, but the growing numb...

Popular Posts