Smith Electric Vehicles Readies Itself for IPO

© Smith Electric Vehicles

Smith Electric Vehicles, the maker of commercial EVs like the Newton pictured above, is apparently getting close to going public. The papers have been filed for an initial public offering (IPO) in November, which would raise around $75 million (4.45 million shares at in a range that should be between $16 and $18).

ABG writes: "The public stock sales date has not yet been provided, and the funding has been needed for a while. Last year, Smith reported a net loss of $52.5 million on $49.9 million in revenue, and said it lost $27.3 million in the first six months of this year, compared with $21.2 million during the same period last year."

© Smith Electric Vehicles

The challenge will be to reach self-sustaining profitability as soon as possible, as the public markets won't underwrite losses for long. In any case, I wish them the best of luck, as the world will always need delivery trucks, and these might as well run on electrons (hopefully coming entirely from green sources over time, as we clean up the power grid).

Via ABG

See also: How Much Does the Chevy Volt Cost to Make? Is It Really $89,000?

Tags: Electric Vehicles