Tesla Motors hopes to raise up to $178 million through its highly anticipated initial public offering of stock, the Palo Alto-based car manufacturer announced in a Security and Exchange Commission filing Tuesday.
The electric-vehicle company, best known for its sleek and sporty Roadster model, plans to sell 11.1 million shares of its stock for $14 to $16 a share, according to the new documents. The sales would bring in between $155 million and $178 million.
As of March 31, the electric-vehicle manufacturer had sold 1,063 Roadsters in 22 countries, the filings state. Last year, it unveiled its next project – the Model S sedan, which it plans to produce in volume in 2012 and to sell for $57,400 in the United States.
The company also announced last month that it is partnering with Toyota to build electric vehicles in the New United Motor Manufacturing plant in Fremont, a move that was hailed as a victory for the plant and for the fledgling electric-car industry. According to the filing, Tesla plans to use the new facility to manufacture electric vehicles that would cost less than the Model S.
The Wall Street Journal reported that Tesla has scheduled its initial public offering for the week of June 28.
"Our long-term goal is to offer consumers a full range of electric vehicles, including a product line at a lower price point than the planned Model S," the company stated in its filing.
The new model would be produced at higher volumes than Model S and would be sold several years after Model S is introduced, the company stated.
Despite its revolutionary electric powertrain technology and its high profile, Tesla has yet to turn a profit. The company has incurred net losses of about $290.2 million through March 31, according to its filing. This includes a loss of $29.5 million for the three months before March 31.
The company also expects "significant increases in our costs and expenses to result in continuing losses for at least the foreseeable future" as it continues to design, develop and manufacture Model S, open new stores and upgrade its electric powertrain components.
Despite these losses, Tesla said in its prospectus that it believes its technology and Silicon Valley experience will allow it to lead the electric-vehicle industry.
"Since out team combines the innovation and speed to market characteristics of Silicon Valley firms with the experience of leading automotive companies, we believe that we will be able to rapidly and cost effectively introduce additional vehicles, such as our planned Tesla Model S sedan, and stay at the forefront of the electric automobile industry," the company stated.
The company also proposed to be listed on Nasdaq as "TSLA."