Tesla Motors Planning $200 Million Share Sale for Investment in New SUV

Electric car manufacturer Tesla Motors TSLA is planning to raise up to $214 million through a share sale for investment into a new SUV. The Model X, as its known, is a crossover vehicle. A prototype will be shown by the end of 2011, and production is set for the fourth quarter of 2013, Tesla said in the filing. Tesla Motors, Inc., which was founded in 2003, designs, develops, manufactures and sells fully electric vehicles and electric vehicle powertrain components. The company commercially produces an electric vehicle, the Tesla Roadster, which has a range of over 200 miles on a single charge. The Reuters report notes that "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." Tesla CEO Elon Musk is expected to buy 1.5 million shares of the offering, equating to roughly $40 million. Shares of Tesla gained more than 8.4% on Wednesday, to close at $28.98.