Get your checkbooks out: Tesla is now planning to file an initial public offering at an estimated $178 million.
Well, not quite yet.
Tesla, which has lost money hand over fist since inception, believes it can make an IPO of $178 million, up from a January estimate of $100 million. The automaker plans to sell just over 11 million shares, at $14 to $16 each, and will be bolstered by a planned $50 million investment from Toyota.
Currently, Tesla’s earnings stand at $147.6 million since 2003, contrasted against losses of more than $290 million. So far, the money comes from the sales of its one and only offering, the Tesla Roadster, though Tesla has teased a sedan called the Model S.
Tesla is working on the sedan in collaboration with Toyota and expects it to compete in the $50,000 range. It will be built in Toyota’s shuttered NUMMI manufacturing facility in Fremont, California, pending the finalization of an agreement between the two companies. We’ve already reported on the two brands working together, and are curious to see if Tesla can make good on the deal.
Source: Detroit News