PALO ALTO, Calif. (Reuters) -- Electric car maker Tesla Motors Inc. plans to raise up to $214 million through a secondary public offering of its shares and a private placement.
Tesla said it plans to use some of the proceeds of the share sales to fund the development of its Model X crossover vehicle. A protoype of the vehicle will be revealed by the end of 2011, with a commercial introduction set for the fourth quarter of 2013, Tesla said in the filing.
The Model X is based on the platform of Tesla's Model S sedan, which is scheduled to begin customer deliveries in mid-2012.
In a regulatory filing on Wednesday, Tesla said it planned to raise up to $158.5 million through a public offering of 6.095 million of its common shares, including 795,000 shares granted to the underwriter in a 30-day option, at $26 a share.
In a private placement at the same price, Tesla said it would sell 1.5 million shares to Chief Executive Elon Musk and 644,475 shares to Blackstar Investco LLC, an affiliate of Daimler AG . At the offer price, the private placement would raise $55.8 million.
Tesla sells battery packs and chargers to Daimler for its Smart fortwo and A-Class electric vehicles. It also has an agreement to make an electric powertrain system for Toyota Motor Corp.'s RAV4 EV, scheduled to go on sale in the U.S. market next year.
Daimler's Blackstar Investco affiliate had a 7.8 percent stake in Tesla at the end of 2010, according to Thomson Reuters data.
Tesla shares rose 5.4 percent to $28.16 in early afternoon trading on Nasdaq.