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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.

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Source: insidebararea.com

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