Electric automaker Tesla Motors says that it expects to raise $234 million through a secondary public offering of its shares at $28.76 per and a private placement. The $234 million is significantly more than previously anticipated and will fund the development of the Model X – the battery-powered CUV due in late 2013ish.

Tesla will sell 5.3 million of its common shares at $28.76 per. In a private placement at that same rate, Tesla says it will now sell 1.42 million shares to the automaker's chief executive officer, Elon Musk, and 637,475 shares to Blackstar Investco, an affiliate of Daimler AG.

In its latest SEC regulatory filing (pdf), Tesla revealed that a Model X prototype is on track to be unveiled near the end of 2011, with a launch set for the fourth quarter of 2013. Tesla (TSLA) shares are currently trading at $29.95.

[Source: Reuters]

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