 |
PM |  | |
Quote | | |
Reply | | |
Full Topic | |
| Joined: | Mon Nov 21st, 2005 |
| Location: | California USA |
| Posts: | 6399 |
| Status: |
Offline
|
| Mana: |    |
Tesla will use the IPO and the federal loan to develop its lithium-ion battery-powered Model S, a $57,400 electric sedan intended to travel 160 miles (257 kilometers) per charge, by 2012. The company plans to produce at least 20,000 units of the Model S each year.
Federal Loan, Divorce
Under terms of the federal loan, Musk and certain affiliates must retain 65 percent of their stock in Tesla for a year after completing the Model S project. Musk’s divorce proceedings won’t result in the combined stake falling below 65 percent or have a material impact on his ability to serve as CEO, according to filings.
As Tesla focuses on creating a niche for premium-priced electric vehicles, Yokohama, Japan-based Nissan Motor Co. and General Motors Co. are developing battery-powered vehicles to appeal to mainstream buyers.
Nissan’s electric Leaf hatchback, which has a range of 100 miles, goes on sale in the U.S. later this year with a base price of $32,780, or a third that of Tesla’s Roadster.
GM, Nissan
GM plans to introduce the Chevrolet Volt electric car in November. The Detroit-based automaker is preparing for an IPO that may sell 20 percent of the Treasury’s stake in the company and reduce the U.S. to a minority owner, two people familiar with the plan said last week.
Nissan Chief Executive Officer Carlos Ghosn said the automaker has received more than 20,000 orders for the Leaf globally, and is prepared to build as many as 500,000 electric cars annually by 2012. Japan’s third-largest automaker reported revenue of $81.1 billion in its fiscal year ended March 31.
http://www.businessweek.com/news/2010-06-28/tesla-motors-increases-electric-car-ipo-size-by-20-.html