Tesla Motors Inc., raised $226 million selling shares above its forecast in the first IPO of a U.S. automaker in almost half a century.

The Palo Alto, California-based company will use proceeds to pay for new factories and acquisitions, the SEC filing showed. This is the first U.S. automaker IPO since 1956 when Ford Motor Co. joined the markets.

C.E.O. Elon Musk, put up his personal fortune for Tesla while making almost $300 million selling his shares in PayPal Inc. and Zip2 Corp., the funds will be used to fund a startup that expects to lose more money in the next two years as it tries to build a battery-powered sedan.

The sale came after at least 35 companies worldwide postponed or withdrew IPOs since the start of May as the European debt crisis sent the Standard & Poor’s 500 Index down as much as 14 percent from its 2010 high. Can this spark a new wave of innovation in the U.S. automotive sector?

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Silicon Valley automaker Tesla Motors is preparing to go public soon, two people familiar with the situation said, outlining plans to sell stock and cash in on investor appetite for green technology and interest in battery-powered vehicles.

The six-year-old start-up’s investors include Google Inc founders Sergey Brin and Larry Page.

An IPO filing from Tesla, best known for its $109,000 all-electric Roadster, is expected any day, said one of the sources. The person did not give a specific time frame.

Tesla spokesman Ricardo Reyes declined to comment on what he called “rumor or speculation.”
Source: Reuters

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Tesla Motors stunned naysayers on Friday; announcing that the automaker has achieved profitability in the month of July with $1 million in earnings on revenue of $20 million. Thanks to 109 deliveries of the Roadster model in July and a surge in new orders for the electricsports car. …click here to read more

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Martin Eberhard, founder and former CEO of Tesla Motors, is suing the company and current CEO Elon Musk for breach of contract, opening up yet another lawsuit at the automaker. The suit alleges that Musk sought to “rewrite history” by taking credit for the accomplishments and the very idea behind Tesla Motors, resulting in a damaged reputation for Eberhard.

It’s no surprise that there’s no love lost between Musk and Eberhard. Musk, who became an investor in Tesla in 2004, removed Eberhard from the CEO position in 2007 and eventually took over the position himself. In media interviews, Musk said that he needed to take the helm of the company after poor management resulted in production delays and technical problems. …click here to read more

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Ed Begley, Jr. will soon have more options should he be in need of a new electric car. Daimler AG has announced the acquisition of an equity stake of nearly 10% in Tesla Motors.

The German-based automaker is teaming up with the California company to work on making electric cars “a reality.” Tesla is a visionary on the electric-car front; its Roadster, which runs on battery power, is the only electric vehicle approved for highway use in both Europe and North America.

Thomas Weber, Board Member of Daimler AG, told the press: “Our strategic partnership is an important step to accelerate the commercialization of electric drives globally.” This news is certainly timely, as the Obama administration is pushing to enforce higher fuel economy standards.

Tesla will effectively become the German giant’s go-to battery and electric powertrain developer. …click here to read more

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Tesla Motors is now taking orders for the Tesla Model S, an all electric family sedan that carries seven people and travels 300 miles per charge.

The Tesla Model S, which carries its charger onboard, can be recharged from any 120V, 240V or 480V outlet, with the latter taking only 45 minutes. By recharging their car while they stop for a meal, drivers can go from LA to New York in approximately the same time as a gasoline car. Moreover, the floor-mounted battery pack is designed to be changed out in less time than it takes to fill a gas tank, allowing for the possibility of battery-pack swap stations. …click here to read more

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