Manufacturers of the electric car, Tesla Motors, broke into the NASDAQ at an impressive $19 a share last Monday. Under the symbol TSLA, the stock officially made its debut at 11:26 a.m., and exceeded many expectations at 11.8 pct above IPO price. In less than an hour, more than 8.4 million shares of Tesla stock had been traded due to excitement over their newly announced Model S.
Initially priced at $17 a share, the rush by investors bumped up the price and raised $266 million for the profit-struggling Tesla. Though only selling a dismal 1,000 vehicles to date, many investors have high hopes for the company’s upcoming Model S. A stylish electric sedan, it plans to sell for a minimum of $50,000 and is slated to go on sale in 2013.
Tesla has never had a profitable quarter, and doesn’t plan to until late 2012 when the Model S launch looms closer. IPO analyst, Matt Therian, reiterates this statement: “Investors that are interested in Tesla know that it’s going to continue to burn cash until it gets Model S into commercial production. Tesla investors are really looking out to 2012.”
The first American car company to make an initial public offering since Ford in 1956, Tesla Motors has redefined the electric car. The sleek Tesla Roadster is arguably the sole reason why larger automakers even consider manufacturing electric vehicles. The highway-approved Roadster, Tesla’s finest achievement, sits at the height of the electric car’s potential in all aspects: power, speed, range and overall look. However, the upcoming Tesla Model S proves to be a fine contender with the following impressive features:
- 0 to 60mph in 5.6 seconds
- 120 mph top speed
- 300 miles per full charge
- Liquid-cooled, floor-mounted battery pack
- 45 minute quickcharge / 1 minute battery swap
- Seating for 7
- Second cargo area under the hood
- Leading electric powertrain
- Premium interior styling including a 17-inch touchscreen with 3G connectivity
- Absolutely no tailpipe emissions
Visit Tesla’s website to find out more, chat about the Model S, and even reserve your very own online.