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Tesla Motors to go public

Feb. 1, 2010 at 8:16 AM   |   Comments

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SAN JOSE, Calif., Feb. 1 (UPI) -- Tesla Motors Inc., a California maker of all-electric vehicles, is ready to go public, a filing with the U.S. Securities and Exchange Commission shows.

The plug-in electric vehicle company is aiming to raise $100 million with an initial public offering, a move that "could propel them into a more prominent position in the auto industry," said David Menlow, president of IPOfinancial.com.

Tesla produces two high-end electrically powered vehicles: a Roadster that sells for $109,000 and a Model S sedan, which retails for about $50,000 and runs for 160 to 300 miles on a single charge.

But Menlow said the key is for the company to "rein in costs," the Los Angeles Times reported Monday.

"Making the jump from a concept to an IPO to a financially sound investment, there are many mountains to climb," he said.

© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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