Tesla Files For IPO, Roadster Production Ending In 2011

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Tesla has officially filed for an initial public offering of up to $100 million after being in the business of manufacturing electric vehicles for just on six years. The California-based automaker is hoping to cash in on a resurgence in the popular of electric vehicles, and together with its Department of Energy funding is now well-poised to start building and selling its second model, the Model S sedan.

The only official word from Tesla is that the company has filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed initial public offering of its common stock but the number of shares to be offered and the price range for the offering have not yet been determined.

For any would-be investors, Tesla reported a loss of $31.5 million for the nine months ending September 30 last year and doesn't foresee any profits until it starts making "significant" deliveries of the Model S in 2012.

As part of its filing with the Securities and Exchange Commission, Tesla has also revealed that it will end production of its first model, the all-electric Roadster, in 2011. This particular model is manufactured in Hethel, UK at the same Lotus factory that builds the Exige sports car on which the Roadster is based.

Production is stopping because the Lotus plant will undergo tooling upgrades in 2011, most likely in preparation for the next-generation Elise and Exige line of cars. However, Tesla has also revealed that a second-generation Roadster will be coming in 2013--after sales of the Model S sedan have commenced. For more details on the matter, check out John Voelcker's report over at GreenCarReports.com.

[Automotive News, sub req’d]

 
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