Tesla Motors Inc. has scheduled an initial public stock offering for June 29 and hopes to raise as much as $178 million.
The Palo Alto, Calif., electric car maker plans to sell 11.1 million shares at $14 to $16 a share, according to government filings. Tesla originally had filed with the Securities and Exchange Commission in January to raise as much as $100 million.
Shares will be listed on the Nasdaq exchange 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 U.S. economic recovery. 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 Tesla.