PALO ALTO, California (AP) -- Electric car maker Tesla Motors Inc. says it plans to raise up to $214.3 million by selling common stock.
A portion of the proceeds will be used to develop a crossover vehicle.
Tesla plans to sell 5.3 million shares to the public, and up to 795,000 more to the underwriter, at $26 each, according to a regulatory filing. That would raise up to $158.5 million,
CEO and co-founder Elon Musk will also buy 1.5 million shares at the same price in a private sale. Blackstar Investco LLC, an affiliate of Daimler AG, will buy 644,475 shares directly from Tesla at the public offering price. That would bring total proceeds of $214.3 million.
Tesla sells one model, the Roadster. Deliveries of a second car, the Model S, begin next year.