Innovation on Wheels: Tesla IPO Coming

Electric-auto maker Tesla is quietly revving up plans to file its widely expected initial public offering, according to reports.

San Carlos, California, Tesla is known for its Roadster electric two-seater sports car built on a Lotus platform that costs $109,000. Company founder Elon Musk indicated last year that an IPO was in the offing by 2008 or 2009, but economic conditions have likely delayed the company's S-1 filing.

Tesla is expected to file "any day" now with the U.S. Securities and Exchange Commission to go public, according to a source cited by Reuters.

The six-year-old startup has been widely watched for its promise to bring sexy all-electric sports cars to consumers. The startup is working on a second car, its Model S, that is hopes will have a wider appeal with its $57,000 base price. The cars run on lithium-ion batteries -- the same ones that power laptops -- and boast a range of 200 miles per charge.

Company founder Elon Musk, who co-founded PayPal, has gambled heavily with his own capital on Tesla. Mr. Musk has personally staked over $70 million on the company that has taken at least $270 million in financing. The company attracted a whopping $465 million loan from the U.S. Department of Energy in June of 2009 to support development and production of its Model S.

Tesla backers include Google founders Larry Page and Sergey Brin, Draper Fisher Jurvetson, Capricorn Management, The Bay Area Equity Fund, Daimler AG, Aabar Investments, Valor Equity Partners, The Westly Group, Compass Venture Partners, and Technology Partners, among others.

The company has delivered more than 700 Roadsters to customer in the United States and Europe.

on 20 November 2009, 16:09
by Red Herring Staff

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