Tesla a Step Closer to Producing Its Electric Sedan
Tesla Motors, based in Palo Alto, CA, went public today, selling stocks to raise $226 million, according to Bloomberg.
The company sells the electric Roadster, which may be helping change perceptions of electric vehicles, which many have seen as underpowered. The Roadster can accelerate to 60 miles per hour in just 3.6 seconds.
Tesla plans to shift to producing an electric sedan, called the Model S, in coming years, but it doesn’t expect to make money soon, which is why the successful IPO is a little surprising. The company also recently got a boost from Toyota, which agreed to work with Tesla on developing electric vehicles and to buy $50 million of Tesla’s stock. It’s also getting a $465 million load from the U.S. government, through the Department of Energy.
The next couple of years could be key for the company, which will face competition from major automakers such as GM and Nissan which plan to roll out electric vehicles two years before Tesla can started selling its luxury sedan.
Keep Reading
Most Popular

Anti-aging drugs are being tested as a way to treat covid
Drugs that rejuvenate our immune systems and make us biologically younger could help protect us from the disease’s worst effects.

A quick guide to the most important AI law you’ve never heard of
The European Union is planning new legislation aimed at curbing the worst harms associated with artificial intelligence.

It will soon be easy for self-driving cars to hide in plain sight. We shouldn’t let them.
If they ever hit our roads for real, other drivers need to know exactly what they are.

Crypto is weathering a bitter storm. Some still hold on for dear life.
When a cryptocurrency’s value is theoretical, what happens if people quit believing?
Stay connected

Get the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.