Tesla Motors, a San Carlos, Calif.-based maker of electric vehicles, has set its IPO terms to 11.1 million common shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $1.46 billion, were it to price at the high end of its range.
The company reported $20.59 million in sales for the first three months of 2010, which is basically flat from the same period in 2009. Its net loss in those months grew to $29.5 million in 2010 from around $16 million in 2009.
Tesla has said to expect continued losses until it begins making “significant” deliveries of its Model S sedan, which is not expected until 2012. The Model S production will be aided by a recent partnership with Toyota Motors Corp., which also agreed to purchase $50 million worth of common stock in Tesla post-IPO.
Tesla has raised over $220 million in VC funding from firms like Draper Fisher Jurvetson, Daimler AG and VantagePoint Venture Partners. www.teslamotors.com