Tesla Motors Raises $210 Million For Model X SUV – rpmGo.com

2012 Tesla Model S

Good news for those of you looking forward to seeing Tesla’s next year electric Model X sport utility vehicle. The company has managed to raise more than $200 million dollars this week in a follow-on public offering. Most of the money will be used for the development of the company’s third EV, the Model X, which will be out sometime next year. Tesla Motors priced its offering of the 5.3 million shares @ 28.76$ / share, which is considerably more than last year’s $19 / share.

At the moment there aren’t many details available about the upcoming Model X, but one thing that we know is that it will feature the same powertrain as the soon-to-be-released Model S. The company mentioned that they will become profitable when the Model S hits the market in 2012, but until then they needed the additional equity in order to ramp up the production for the green SUV.

Source: Tesla Motors via GreenCarReports

Post tags: Tags: Green, tesla model x