Tesla Motors' mission is to accelerate the world's transition to energy-efficient electric vehicles with its high-performance powertrain technology and superior product design. Backed by PayPal co-founder Elon Musk and a host of big-name investors, Tesla was the first company to commercially produce a highway-capable, fully-electric vehicle (EV) and has sold more than 1,000 of its high-priced, high-performance Tesla Roadsters to customers in 22 countries. With access to $465 million in low-interest loans from the US Dept. of Energy, Tesla recently acquired a production facility on the cheap and seeks to leverage its proprietary electric powertrain technology to produce a line of mainstream EVs, starting with the launch of its Model S luxury sedan in 2012. After increasing its proposed deal size by 20% on Monday, the company plans to sell 13.3 million shares at a proposed range of $14-$16. Goldman, Sachs & Co., Morgan Stanley, J.P. Morgan and Deutsche Bank are the lead underwriters on the deal, which is one of five US deals on the IPO calendar for the week of June 28.
Read our full IPO Commentary on Tesla Motors.
