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Tesla Motors UK EV Charger Deal & Stock Offering

Tesla Motors—the Palo Alto California Electric Vehicle company taking the budding market by storm—has had a busy week. The EV manufacturer...

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|May 29|magazine13 min read

 

Tesla Motors—the Palo Alto California Electric Vehicle company taking the budding market by storm—has had a busy week.  The EV manufacturer has filed sold 5.3 million shares of its stock to the public in a "follow-on" offering. Tesla co-founder and CEO Elon Musk plans to buy 1.5 million shares in a private placement, and a subsidiary of Daimler Motor Co. will buy 644,475 shares. Tesla plans to use a portion of the the money to develop a Model X crossover vehicle. Tesla stock rose 8.5 percent higher with news of the shares’ release.

Tesla is also partnering with hotels and tourist stops in the United Kingdom to install ten public charging stations. The units will be privately owned, but available for free or variable rates.

 

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Tesla Motors claims that drivers using the 70 amp charging units can re-fuel an empty lithium-ion battery system, as found in its Roadster, in approximately three hours. Tesla’s Roadster model has made its way to English roadways and its Model S sedan is soon to follow.