03/Sep/2014 - Last News Update: 07:02

Tesla Motors hopes to raise $185m from going public

Category: Business

Published: 15th Jun 2010 15:45:05

US electric car maker Tesla Motors has said it hopes to raise $185m (£125m) from investors.

Tesla will sell 11.1 million shares, priced at $14 to $16 per share, in an initial public offering (IPO), while Toyota will invest $50m in the firm.

The Toyota deal, which will give the Japanese giant a stake of about 2.5% in Tesla, had been announced in May.

Tesla announced plans to go public in January, making it the first US company to do so since Ford in 1956.

Toyota hopes that as well as access to Tesla's electric battery expertise, its move will give it the chance to repair its battered reputation after a series of global vehicle recalls.

Tesla, which was only formed in 2003, hopes the deal will help launch it onto the world stage.

Tesla's losses widened to $29.5m in the three months to March from $16m a year ago, and the company expects to continue incurring losses until at least 2012.

Source:
BBC News External Link Show Citation

Latest News

Harvard Citation

BBC News, 2010. Tesla Motors hopes to raise $185m from going public [Online] (Updated 15th Jun 2010)
Available at: http://www.ukwirednews.com/news/67550/Tesla-Motors-hopes-to-raise-185m-from-going-public [Accessed 3rd Sep 2014]

News In Other Categories

  • Scottish independence: Moderator calls for respect on both sides

    The Moderator of the General Assembly of the Church of Scotland has urged both sides in the referendum debate to treat each other with respect.
  • Toronto Film Festival 2014: Ones to watch

    The Toronto International Film Festival is set to kick off on Thursday - one of the largest and most prestigious events in the annual film festival calendar.
  • Barack Obama set to fly in for Nato summit in Newport

    Barack Obama will become the first serving US president to visit Wales when he arrives in Newport for the Nato summit later.
  • Looking for the ox factor - the Simon Cowell of the cow world

    He demands a great performance, an exciting ear, a good pair of legs and, above all, likes a mesmerising mover. And there's not a pair of high-waisted trousers in sight!
  • Calais mayor warns of blockade over illegal migration

    The mayor of the northern French city of Calais has threatened to block the port unless Britain does more to control the number of illegal migrants.
  • Bristol Academy extends reach overseas with first foreign students

    With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com