U.S. electric carmaker Tesla files for IPO

Fri Jan 29, 2010 5:43pm EST

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By Poornima Gupta

SAN FRANCISCO, Jan 29 (Reuters) - U.S. electric sports car maker Tesla Motors filed for an initial public offering of up to $100 million on Friday amid growing interest in green technology and battery-powered vehicles.

The IPO filing from the six-year-old start-up, best known for its $109,000 all-electric Roadster, marks the first public offering from a U.S. automaker since Henry Ford's Ford Motor Co (F.N) made its share debut in 1956.

It also represents a landmark in the resurgence of electric car technology that most carmakers until recently had dismissed as impractical.

The underwriters for Tesla's offering include Goldman Sachs, Morgan Stanley, JP Morgan and Deutsche Bank Securities.

The company did not provide any details on the price of the shares or when it would debut.

Tesla said in the filing with the U.S. Securities and Exchange Commission that the company had sold 937 Roadsters in 18 countries since it was founded.

The company, named after scientist and inventor Nikola Tesla, also received about 2,000 reservations from customers for a second lower-cost model, an electric sedan known as the Model S, that it is developing.

Tesla said it has generated $108.2 million in revenue since its inception through September.

Tesla's investors include Google Inc (GOOG.O) founders Sergey Brin and Larry Page. (Additional reporting by Laura Isensee in Los Angeles; editing by Leslie Gevirtz)

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Comments (1)
gregblencoe wrote:
I can’t wait to see how this looks five years from now.

People need to learn a lot more about the problems with plug-in battery vehicles. Hydrogen fuel cell vehicles are the solution to the oil crisis.

“7 reasons to love Toyota hydrogen fuel cell vehicles”

Here are 7 reasons to love Toyota hydrogen fuel cell vehicles (which the company started developing in-house back in 1992 when I was a senior in high school):

1. 431-mile real-world driving range with Toyota FCHV-adv (mid-size SUV) hydrogen fuel cell vehicle (See the following YouTube video)

2. 68.3 real-world miles per kilogram fuel economy with Toyota FCHV-adv (See the following YouTube video)

3. Ability to operate in temperatures as low as minus 35 degrees Fahrenheit (minus 37 degrees Celsius)

4. Irv Miller, TMS group vice president, environmental and public affairs, made the following comment on August 6th:

“In 2015, our plan is to bring to market a reliable and durable fuel cell vehicle with exceptional fuel economy and zero emissions, at an affordable price.”

5. Masatami Takimoto, a Toyota executive vice president and board member, made the following comment about hydrogen fuel cell vehicles in January 2009 at the North American International Auto Show:

“By 2015, we will have a full-fledged commercialization effort.”

6. The Toyota FCHV-adv (Highlander) hydrogen fuel cell vehicle has the same trunk and passenger space as the gasoline-powered version.

Click on the following link to see a picture of the trunk in the Toyota FCHV-adv hydrogen fuel cell vehicle.

7. Here is a comment made by Justin Ward, advanced powertrain program manager-Toyota Technical Center, in a Ward’s Automotive article (subscription required) that was published on July 16th:

“We have some confidence the vehicle released around 2015 is going to have costs that are going to be shocking for most of the people in the industry. They are going to be very surprised we were able to achieve such an impressive cost reduction.”


Greg Blencoe
Chief Executive Officer
Hydrogen Discoveries, Inc.
“Hydrogen Car Revolution” blog

Jan 30, 2010 12:07pm EST  --  Report as abuse
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