A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

USA: Tesla IPO: Electric-car maker’s stock rises in debut

Tesla Motors began publicly trading its stock Tuesday, opening at $19 a share on its first official day on the Nasdaq. It closed at $23.89, up 41 percent, though the stock market had a rocky day.

It marks an incredible debut for an electric-car company that has yet to turn a profit. The debut was above the $17 offer price for the highly anticipated IPO.

Tesla is most known for the two-seat all-electric Roadster, which has become a novelty toy for Hollywood celebrities and venture capitalists.

Many cleantech start-ups, most notably solar manufacturer Solyndra, have shelved or put their IPO plans on hold because of stock-market jitters.

But Tesla has already beaten the odds. Interest from investors was so high that Tesla priced its IPO at $17 a share, higher than its estimated range of $14 to $16. Tesla and its shareholders sold 13.3 million shares and raised $226 million.

But the Palo Alto company faces enormous challenges as it races to get its Model S sedan into production and faces growing competition from established automakers who are rolling out their own electric vehicles in the coming months.



Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.