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Tuesday, June 15, 2010

Tesla Motors hopes to raise $185m from going public

US electric car maker Tesla Motors has said it hopes to raise $185m (£125m) from investors.

Tesla will sell 11.1 million shares, priced at $14 to $16 per share, in an initial public offering (IPO), while Toyota will invest $50m in the firm.

The Toyota deal, which will give the Japanese giant a stake of about 2.5% in Tesla, had been announced in May.

Tesla announced plans to go public in January, making it the first US car company to do so since Ford in 1956.

Toyota hopes that as well as access to Tesla's electric battery expertise, its move will give it the chance to repair its battered reputation after a series of global vehicle recalls.

Tesla, which was only formed in 2003, hopes the deal will help launch it onto the world stage.

Tesla's losses widened to $29.5m in the three months to March from $16m a year ago, and the company expects to continue incurring losses until at least 2012.

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