DETROIT -- Tesla Motors Inc. has scheduled its initial public stock offering for June 29 and hopes to raise as much as $178 million through the sale.
The Palo Alto, Calif., electric car maker plans to sell 11.1 million shares priced between $14 and $16 per share, according to new government filings. Tesla originally filed with the Securities and Exchange Commission in January to raise as much as $100 million.
Shares will list on the Nasdaq stock system under the symbol TSLA.
The Tesla stock sale comes at a delicate time for public offerings. More than 30 companies have postponed or delayed stock sales since May 1 in response to the European debt crisis and concerns over the pace of the economic recovery in the United States.
General Motors Co., under partial government ownership, hopes to go public as early as this fall.
Proceeds from the Tesla offering will be used for factories and to fund possible acquisitions, according to an SEC filing.
Existing Tesla stockholders, including CEO and co-founder Elon Musk, will sell 1.1 million of the 11.1 million shares, while Toyota Motor Corp. will buy an additional $50 million of stock in a private placement, Tesla said in the filing.
Tesla never has been profitable and has racked up nearly $300 million in losses in recent years. The company has sold only 1,063 of its $109,000 Roadster models as of March 31 but still has managed to draw the attention of green-minded investors and exotic-car enthusiasts.
Musk spent more than $70 million of his own money to launch Tesla before May 2009, when Germany's Daimler AG invested $50 million. The company was formed in 2003 and Roadster deliveries began in early 2008.
The company also is backed by investors including Google Inc. co-founders Larry Page and Sergey Brin and the government of Abu Dhabi. Tesla also has received a $465 million loan from the U.S. government to help produce its second electric car, the Model S sedan.
The company plans to launch the $50,000 Model S by 2012. It would be the first Tesla to be produced in large volumes for a more mass consumer audience. Musk has said its design would be a template for further mass-produced Tesla models.
Until the Model S is launched, the company expects to continue losing money.