Black and White Program

October 1st, 2012 by Black and White Program Staff

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Tesla announced last week that it was revising its previous forecast for automobiles delivered this year, of its Model S, to 200 to 225 cars in the third quarter and 2,500 to 3,000 in the fourth. The previous forecast was for 5,000 deliveries this year. The Model S, the company’s flagship product, has a starting price of $57,400. The company is working towards its first quarterly profit of its existence and has a Model X sport-utility vehicle planned for production in 2014. The Model S has been reviewed well and analysts who watch the company have issued positive assessments of the company’s operation.

In a financing related move, Tesla said in a regulatory filing that it expects to sell 6.93 million additional shares at $28.25 each, an increase of 2.58 million from what it reported in a Sept. 25 filing. The company’s prior filing did not provide a price. Company statements indicate that it expects to receive net proceeds of $192.7 million, or $221.6 million if the underwriter, Goldman Sachs Group Inc. (GS), exercises its option to purchase additional shares in full. Entrepreneur and Chief Executive Officer, Elon Musk, said he will purchase as many as 35,398 shares at a price of about $1 million.
Tesla shares rose to $29.28 at the close in New York.

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