Tesla plans $180M IPO
Tesla Motors, a maker of high-end electric sports cars, has applied to be a public company and trade on the Nasdaq exchange by the end of June.
The company plans to sell 11.1 million shares between $14 and $16 per share, under the symbol TSLA.
The Nasdaq exchange is currently considering the application. If it's successful, it would be the first U.S. automaker to go public since Ford Motor Co. did so in the 1950s.
The California-based company has never made a profit and has only ever sold a little more than 1,000 vehicles. Its flagship vehicle is an electric roadster that costs more than $100,000. Sold in 22 countries, it made its Canadian debut only weeks ago.
The company is phasing out that model and plans to launch a sedan for $50,000 some time in 2012. Toyota Motor Corp. invested $50 million to become a partner on that product, Tesla's first attempt to cater to more mainstream consumers.
Announced in May 2010, Toyota's stake will give it about 2.5 per cent of the company.
The company has lost nearly $300 million US since 2003. In its filing prospectus on Tuesday, Tesla reveals it lost $25.5 million US in the three months ending March.