Tesla Shows New Version of Model S, Will Raise $234M for Model X


Photo: Tesla Motors
Electric Crossover Coming in Late 2013
Tesla Motors isn't taking any time off this summer. They've just released new photos of the latest iterations of the Model S electric sedan (see above and below) that shows some cosmetic tweaks, and they are planning to sell 5.3 million new shares for about $234 million to fund the development of the model X electric crossover, planned for late 2013.

Photo: Tesla Motors

Tesla Motors, Inc. (Nasdaq: TSLA), a manufacturer of high-performance fully electric vehicles and advanced electric vehicle powertrain components, announced today that it has priced and fully allocated its follow-on offering of 5,300,000 shares of common stock at a price to the public of $28.76 per share, the closing price for Tesla shares on June 2, 2011. The closing price of Tesla's common stock on May 24, 2011, the day before Tesla announced the offering, was $26.72 per share. In addition, Tesla has granted the underwriter a 30-day option to purchase up to an additional 795,000 shares of common stock. All shares are being offered by Tesla.

The Model X will be based on the Model S platform, which was designed from the start to be used by more than one model and to be specifically built for electric vehicles (unlike electric cars that are build on modified gasoline-engine car platforms).

More details about the Model S platform here (including videos of Tesla's Vice President of Vehicle Engineering, Peter Rawlinson).


Photo: Tesla Motors
See also: Tesla Roadster Rated at 119 MPGe by U.S. EPA

Via Tesla, Bloomberg
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