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Electric Car Sector Heats Up, TM, Tesla, RNNM

Electric car maker Tesla Motors Inc. will raise up to $167 million in an initial public offering stock sale slated to begin late this month. The company, in a Securities and Exchange Commission filing this week, said that it would sell 12.8 million shares for between $14 and $16 per share.

Toyota Motor Corp. will purchase around $50 million worth of the stock in a private placement transaction, giving the Japanese firm a 4 percent ownership in the California-based carmaker.

Currently, Tesla is testing its Model S all-electric sedan, which will retail around $55,000.

Ronn Motors has announced it supports the Electric Drive Vehicle Deployment Act of 2010 that was introduced to both the US House and Senate.

Ronn Maxwell, Ronn Motors CEO, commented, “We believe that once this Act is approved and passed into legislation, Ronn Motors will be in an enviable position to take full advantage of the benefits the proposed Act has to offer due to the Company’s existing relationships with the City of Marble Falls and the State of Texas.

We believe the Company will be able to obtain funding in the form of loan guarantees and other financial incentives made available by the federal government, and will qualify for various grants in energy efficiency research and in connection with the development of our second automobile, an electric-hydrogen hybrid.”

The Electric Drive Vehicle Deployment Act of 2010, with $11B in funding, is meant to extend incentives, provide grants to selected cities to demonstrate deployment of electric vehicles and to provide additional measures to support the research, development, deployment and manufacturing of electric vehicles, charging infrastructures and related technologies.

“The Electric Drive Vehicle Deployment Act will lead to a surge in job creation, help consumers, recharge our economy and greatly enhance our national and environmental security,” said Massachusetts Democrat Edward J. Markey, one of the House sponsors of the bill. “We import most of the oil we use, much of it from countries that seek to do us harm. The catastrophe in the Gulf of Mexico is yet another reminder that it’s time for America to start driving toward a clean energy future, and electric vehicles can help power the way.”


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