Autoblog

Report: Tesla Motors share price drops as IPO lock-up period ends

Autoblog Staff — Mon, 27 Dec 2010 17:29:00 EST

Filed under: Earnings/Financials, Tesla, Electric

Tesla Motors (TSLA) shares were hammered hard near the end of last week and are still dropping as word of the expiration of a 180-day post-IPO lock-up agreement continues to make the rounds. Starting today, 75 million Tesla shares, which had previously been subject to a lock-up agreement restricting their sale, will be eligible for registration.

The automaker's recent 10-Q filing with the Securities and Exchange Commission noted that a fall in share price could possibly coincide with the expiration of the 180-day post-IPO lock-up agreement. The filing's actual wording reads:

The market price of our common stock could decline as a result of sales of a large number of shares of our common stock in the market in the future, and the perception that these sales could occur may also depress the market price of our common stock.

Tesla shares are currently listed at $25.44, a drop from the $29.36 that they were trading at in early November and a decline from the $32-plus price recorded near the middle of last week.

[Source: Forbes]

Report: Tesla Motors share price drops as IPO lock-up period ends originally appeared on Autoblog on Mon, 27 Dec 2010 17:29:00 EST. Please see our terms for use of feeds.

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Tesla shares in freefall, now below IPO price

Jeremy Korzeniewski — Wed, 07 Jul 2010 08:39:00 EST

Filed under: Earnings/Financials, Tesla, Electric

After rising 41 percent on the first day of trading, stock in Tesla Motors has been in an alarming freefall. Yesterday, shares of Tesla Motors fell another 16 percent, landing below their initial offering price of $17 each. For those keeping track of such things, company head and largest shareholder Elon Musk's shares are now worth $433 million, a good bit less than their $457 million value after the IPO.

We're clearly not experts on the subject, so we'll tell you what more qualified people have to say. According to Josef Schuster, the Chicago-based founder of IPOX Capital Management LLC, "The company is a great concept with relatively weak fundamentals. Markets are weak and in a weak market right now this is hurting the company even more."

Financial expert Michael Holland explains, "They brought this thing into a market that was not rewarding hype... The stock did get its pop, and now it's plagued by the reality of the marketplace. The reality of the marketplace is that people aren't paying for dreams and visions."

[Source: Business Week, MarketWatch]

Tesla shares in freefall, now below IPO price originally appeared on Autoblog on Wed, 07 Jul 2010 08:39:00 EST. Please see our terms for use of feeds.

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2013 Tesla Roadster to be completely built in-house

Damon Lavrinc — Tue, 29 Jun 2010 19:00:00 EST

Filed under: Convertible, Coupe, Tesla, Electric

Tesla Roadster Sport - Click above for high-res image gallery

We've been poring over Tesla's IPO filing with the SEC and hidden within the indecipherable legalese is a little gem for those of us more interested in product then federal oversight.

As reported previously, the Roadster's reign is set to end in December of 2011, although Tesla will continue to take orders for the current Roadster into 2012 if its supply of "gliders" - the rolling chassis provided by Lotus and built on the same platform as the Elise/Exige - isn't exhausted.

Tesla has contracted Lotus for a total of 2,400 gliders and if the price is right, it could extend that contract to meet demand.

More importantly, Tesla confirms that the next Roadster won't arrive until production of the Model S begins in 2012, so a revised Roadster isn't in the cards until 2013 - at the earliest. Interestingly, the upstart EV automaker says that it intends to build the "next generation Tesla Roadster entirely in our own facilities." Which leads us to believe that an all-new platform could underpin the next generation model, possibly based on the Model S' architecture and shared by a range of new products. How much of the current Roadster carries over remains to be seen, but if Tesla wants to continue to assert its independence, it's fair to assume that it won't be sourcing its next chassis from another automaker.

Gallery: Review: 2010 Tesla Roadster Sport

Photos by Damon Lavrinc / Copyright (C)2010 Weblogs, Inc.

[Source: SEC]

2013 Tesla Roadster to be completely built in-house originally appeared on Autoblog on Tue, 29 Jun 2010 19:00:00 EST. Please see our terms for use of feeds.

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Autoblog Podcast #184 - IPOs, Manly Minivans, City Cars and Hemi horsepower

Dan Roth — Tue, 29 Jun 2010 17:28:00 EST

Filed under: Podcasts, Etc., Dodge, GM, Honda, Infiniti, Nissan, Earnings/Financials, Rumormill

Click above for the Autoblog Podcast in iTunes, RSS or listen now!

Chris Shunk rejoins Sam, Alex and Dan for Episode #184 of the Autoblog Podcast. Topics we mull are Tesla's actual IPO and General Motors' apparently impending public offering. Gordon Murray's T.25 city car makes the cut before we do a 180 and talk about the possibility of a 480-horsepower Dodge Challenger SRT8 and a manlier minivan. It ends with your feedback, a tidy hour and ten minutes. See you next week!

Autoblog Podcast #184 - IPOs, Manly Minivans, City Cars and Hemi Horsepower

In the Autoblog Garage:

Infiniti G37x Coupe
Honda CR-Z
Nissan Altima V6

News:

Hosts:
Dan Roth, Sam Abuelsamid, Alex Nunez, Chris Shunk

Runtime: 71:22

Get the podcast:
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Feedback:
Email: Podcast at Autoblog dot com
Voicemail: 734-288-8POD (734-288-8763)

Review the show in iTunes and take our survey

Autoblog Podcast #184 - IPOs, Manly Minivans, City Cars and Hemi horsepower originally appeared on Autoblog on Tue, 29 Jun 2010 17:28:00 EST. Please see our terms for use of feeds.

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Tesla reportedly raises $226 million with IPO of 13.3M shares *Update

Chris Shunk — Tue, 29 Jun 2010 09:30:00 EST

Filed under: Earnings/Financials, Tesla, Electric

Tesla Model S - Click above for high-res image gallery

A lot of analysts were bullish on Tesla's initial stock offering, and a report from Bloomberg proves that the electric car start-up is a buy with the investors of the world. Tesla reportedly raised $226 million with its IPO, or 13.3 million shares at $17 per. The $226 mil total went above and beyond the high-end figure of $16 per share.

The news has to come as a pleasant surprise for Elon Musk, the company's CEO and largest shareholder. Musk has reportedly spent $70 million of his own personal fortune propping up Tesla while the company's losses mounted. The successful IPO is even more surprising given the fact that the company has yet to turn a quarterly profit and lost a substantial $230.5 million since 2003. Even at the expected median price of $15 per share, Bloomberg data shows that Tesla was valued at 5.5 times its net tangible assets, which doesn't exactly sound terrific. Tesla's IPO was likely helped out by recent investments by Toyota and Daimler, giving the first U.S. automaker IPO in over 50 years some much-needed street cred. Interestingly, Tesla is the first U.S. automaker since the Ford Motor Company to throw its hat into the public stock ring, with the Blue Oval doing so way back in 1956.

Tesla's IPO was considered a bit of a crap shoot given the recent failures of other stock offerings coupled with the fact that the EV maker doesn't have a lot of product to make it an attractive buy. Tesla has managed to sell about 1,000 copies of its pricey roadster, but now that the First-on-the-Block crew has theirs, the battery-packed two-seater isn't exactly flying off the shelves. The Model S sedan, which will reportedly go 160 miles on a single charge, won't arrive until 2012 at the earliest.

*UPDATE: Shares are now trading some 40% higher than they initially traded at. Read the full story here.

Gallery: Tesla Model S in motion

[Sources: Bloomberg via BusinessWeek]

Tesla reportedly raises $226 million with IPO of 13.3M shares *Update originally appeared on Autoblog on Tue, 29 Jun 2010 09:30:00 EST. Please see our terms for use of feeds.

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BREAKING: Tesla shows future products in IPO road show, liquid-cooled motor and electronics

Autoblog Staff — Mon, 21 Jun 2010 15:40:00 EST

Filed under: Convertible, Minivan/Van, Sedan, Performance, Crossover, Hatchback, Earnings/Financials, Tesla, Electric, Luxury

Tesla future models - Click above for more slides from the road show

The long-delayed initial public offering for Tesla Motors is expected to happen as early as next week. Naturally, then, company CEO Elon Musk now has to go out and sell it. One of the last steps before the stock's on-sale date is the Road Show, where executives go before the mavens of Wall Street to convince them of the value of the company.

Slide #19 of Musk's Powerpoint gives us the first glimpse of what might come after the Model S, which includes a cabriolet, van and crossover. All will be built on a common platform with the Model S and will mount the battery pack under the floor in a similar manner to the Nissan Leaf. The cabriolet, in particular, is quite the stunner and should provide a real competitor to the Fisker Karma Sunset.

Among the other changes that Musk revealed are liquid-cooled power electronics and motor starting with the Model S. While this will add to the cost and complexity of the powertrain, it should help improve the overall efficiency and overcome some of the limiting factors that were found late in the development of the Roadster. The full Tesla prospectus is available here and you can watch the Road Show here.

Gallery: Tesla future models

[Source: Retail Road Show]

BREAKING: Tesla shows future products in IPO road show, liquid-cooled motor and electronics originally appeared on Autoblog on Mon, 21 Jun 2010 15:40:00 EST. Please see our terms for use of feeds.

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Report: Tesla IPO to happen week of June 28

Sam Abuelsamid — Tue, 15 Jun 2010 17:01:00 EST

Filed under: Toyota, Earnings/Financials, Tesla

Tesla Model S - Click above for high-res image

It looks like Tesla Motors will finally be going public the week of June 28, if a report in the Wall Street Journal is correct. The long anticipated stock offering was originally planned for the fall of 2008, but the global financial melt-down made that impossible. Tesla is hoping to sell 11.1 million shares at a price of $14 to $16 a share for a total take of up to $178 million.

The share offering must happen sometime this year under the terms of the recent agreement between Tesla and Toyota if the Japanese automaker is to proceed with its plan to invest $50 million in the California-based electric car maker. At $15 per share, Toyota would get about 3.3 percent of the company or about one-third of what Daimler got last year for a similar investment.

Aside from a single month in July 2009, Tesla has never turned a profit in its seven-year existence and is unlikely to do so until after the Model S goes on sale, now expected to happen in 2012. As of March 31, 2010, Tesla sold 1,063 Roadsters and there is no longer a waiting list for the electric sports car. Tesla officials have declined comment on the IPO report.

Gallery: Tesla Model S in motion

[Source: Wall Street Journal]

Report: Tesla IPO to happen week of June 28 originally appeared on Autoblog on Tue, 15 Jun 2010 17:01:00 EST. Please see our terms for use of feeds.

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Wife of Tesla CEO demands 10-percent of his company stock and a Roadster in divorce

Eric Loveday — Mon, 17 May 2010 15:32:00 EST

Filed under: Etc., Tesla

It's not all that often that a messy divorce pops up with a billionaire on one side and somebody who wants part of the money on the other, right? Actually, this occurs far too often and a divorce involving wealthy individuals can be downright messy and ultimately destructive to those involved. It appears as though the divorce between Tesla's chief executive officer Elon Musk and soon-to-be ex-wife Justine Musk is playing out as one of those mega-litigious affairs, and the impact may be extend well beyond just the two involved.

In case you haven't followed the Musk soap opera, here's what's going on. The divorce saga has been going on seemingly forever, as these things take lots of time. Justine Musk recently began blogging about the whole fiasco a couple of weeks ago on her Livejournal site. Justine is fighting the court battle to secure a few things that she feels entitled to. What does Justine want? Not much, just the house, alimony and child support, $6 million in cash, 10 percent of Elon's stock in Tesla, 5 percent of his stock in SpaceX, and throw in a Tesla Roadster as well.

Naturally, Elon is none too thrilled about the demands and has decided to fight this one in court. As the battle ensues, Elon stands a chance of losing much more than just the things listed above. If the divorce goes awry, Tesla could lose the $465 million in government funding that could delay its initial public offering. How does the divorce play into government funding? A stipulation in the paperwork states that government funds will be withdrawn if Musk doesn't hold enough stock in the company.

So is Justine being fair? Are her demands legit? As she said on her blog:

Is that what I deserve? I don't know. Who exactly deserves that kind of wealth? But based on our life and history together, is that reasonable? I think so.

One more thing to think about: by not agreeing to a settlement, Elon Musk risks losing even more as the post-marital agreement could be ruled illegal or fraudulent, and California law would then grant 50 percent of all communal property to Justine.

[Source: Livejournal, Reuters, Inside Line]

Wife of Tesla CEO demands 10-percent of his company stock and a Roadster in divorce originally appeared on Autoblog on Mon, 17 May 2010 15:32:00 EST. Please see our terms for use of feeds.

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Tesla files update with SEC, confirms Roadster production for 2012, draws from DOE loans

Eric Loveday — Wed, 31 Mar 2010 07:57:00 EST

Filed under: Convertible, Performance, Government/Legal, Earnings/Financials, Tesla, Electric

2010 Tesla Roadster Sport - Click above for high-res image gallery

Registering for an initial public offering, like Tesla Motors has done, requires that certain documents are filed regarding company actions. Since first filing for its IPO back in January, Tesla has had a few new developments surface that required the company to amend its S-1 filing.

The S-1 filing lays out details about the company's financial situation, including future plans, current risks and funding status. In the amendment, filed with the Securities and Exchange Commission on March 26, two important developments were noted. One, Tesla has begun to draw funds from its $465 million in Department of Energy loan. Two, Tesla has secured all suppliers necessary to continue the Roadster production into the 2012 model year. The suppliers' agreement will provide Tesla with 700 additional Roadsters to sell during the 2012 year, before the production of the next-gen Roadster gets underway.

A recent Tesla newsletter stated that the company, "negotiated agreements with key suppliers that will increase total Roadster production by 40 percent and extend sales into 2012." The actual supplier agreement with Lotus, which builds partially assembled vehicles (gliders) for Tesla, is laid out as follows: Lotus will continue to build gliders for Tesla until December of 2011, a change from the previous cut-off of March 2011. Lotus will supply at least 2,400 total gliders to Tesla by December 2011, an increase over the previous 1,700 units committed to by Lotus.

With Roadster production confirmed for 2012 and the Model S on the way soon, Tesla supporters can think about rejoicing, the company might be doing just fine. Hat tip to Dean!

Gallery: Review: 2010 Tesla Roadster Sport

Photos by Damon Lavrinc / Copyright (C)2010 Weblogs, Inc.

[Source: Securities and Exchange Commission via Earth2Tech]

Tesla files update with SEC, confirms Roadster production for 2012, draws from DOE loans originally appeared on Autoblog on Wed, 31 Mar 2010 07:57:00 EST. Please see our terms for use of feeds.

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Tesla files with the feds for IPO *UPDATED

Jonny Lieberman — Fri, 29 Jan 2010 18:38:00 EST

Filed under: Earnings/Financials, Tesla, Electric

Tesla Model S - click above for high-res image gallery

For the first time in more than fifty years, a U.S. automaker is holding a public offering. Henry Ford made shares of Ford Motor Company public back in 1956. Tesla, the Elon Musk-owned Silicon Valley electric car company, filed to do so today. There's no word as to when the shares will be available for public consumption, nor any word as to how much each share will cost.

As for the timing of the filing, Telsa has sold nearly 1,000 (987 at last count) all-electric Roadsters in 18 different countries. Moreover, it has taken 2,000 reservations for its upcoming, more mainstream Model S, which is still at least a year away from production. With the production version of the Chevrolet Volt right around the corner, Tesla is looking to capitalize (quite literally) on the "growing interest in green technology and battery-powered vehicles." Should you buy? Don't ask us. However, King Midas-fingered whiz kids Sergey Brin and Larry Page (you know, the guys that founded Google) have already invested.

UPDATE: Full IPO filing here.

Gallery: Tesla Model S in motion

Gallery: Tesla Model S: LIVE REVEAL

[Soruce: Reuters]

Tesla files with the feds for IPO *UPDATED originally appeared on Autoblog on Fri, 29 Jan 2010 18:38:00 EST. Please see our terms for use of feeds.

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REPORT: Tesla Motors planning IPO "soon"

Sebastian Blanco — Fri, 20 Nov 2009 15:30:00 EST

Filed under: Earnings/Financials, Tesla, Electric

Tesla Roadster - Click above for high-res image gallery

Rumors about Tesla's plan to go public have been circulating since 2008, but a down stock market seemed to put a damper on the start-up's IPO. Now, the word ~~on the street~~ from Reuters is that Tesla is planning to go public "soon." When might that be, exactly? Who knows. A source told Reuters it could happen "any day," but Stephan Dolezalek, managing director of VantagePoint Venture Partners and a Tesla investor, said in September that it's unlikely to happen in 2009.

For its part, Tesla continues to offer little guidance on the report other than to dismiss it as "rumor or speculation." We shall see...

Gallery: First Drive: Tesla Roadster

[Source: Reuters]

REPORT: Tesla Motors planning IPO "soon" originally appeared on Autoblog on Fri, 20 Nov 2009 15:30:00 EST. Please see our terms for use of feeds.

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