Electric car maker Tesla Motors Inc (TSLA.O) plans to raise up to $214 million through a share offering to help fund development of its Model X SUV, the company said in a regulatory filing. Tesla shares shot up 8.5 percent to $28.98 on Nasdaq on Wednesday. The Model X is a crossover vehicle based on the platform of Tesla's Model S sedan, which is scheduled to begin customer deliveries in mid-2012. A prototype of the Model X will be revealed by the end of 2011, with a commercial introduction set for the fourth quarter of 2013, Tesla said in the filing.
Tesla Motors, Inc., incorporated in 2003, designs, develops, manufactures and sells fully electric vehicles and electric vehicle powertrain components. Shares of TSLA traded higher by 8.46% or $2.26/share to $28.98. In the past year, the shares have traded as low as $14.98 and as high as $36.42. On average, 1321460 shares of TSLA exchange hands on a given day and today's volume is recorded at 4689959.
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