NEW YORK (AP) — Electric car maker Tesla Motors Inc. set terms for its highly anticipated IPO Tuesday, saying it now hopes to raise about $185 million by selling shares to the public and to Toyota Motors Corp.
Tesla and its stockholders will sell 11.1 million shares for $14 to $16 each in an initial public offering, according to a regulatory filing. Toyota will invest another $50 million in the company. The Toyota deal was announced in May.
Tesla on Tuesday raised its expected proceeds from the $100 million it listed in its initial stock-registration filing with the Securities and Exchange Commission on Jan. 29.
The Palo Alto, Calif. company currently makes just one vehicle, the high-end Roadster sports car. It is working on a mass-market sedan with Toyota that is expected to start selling in 2012 for less than $50,000. That price would include a federal tax credit of $7,500.
Until the sedan — the Model S — hits the market, Tesla expects continuing quarterly losses. It has lost $290.2 million since the company was founded in 2003. Its net loss deepened in the first quarter to $29.5 million from $16 million in the same period last year.
Tesla's total revenue since 2003 has been just $147.6 million, generated by sales of 1,063 Roadsters as of March 31. But the company said it can use a long-term $465 million loan from the Department of Energy to finance manufacturing of the Model S.
