Tesla shares zoom on first day of trading

NEW YORK, NEW YORK - Shares in Tesla Motors proved to be as coveted as the electric cars it produces, as its stock rose about 8 percent above its initial public offering price.

Tesla, appearing on the Nasdaq stock market under the ticker symbol “TSLA,” traded at about $18.40 in early afternoon trading. Shares initially opened around that level, then plunged before climbing back up.

TeslaÂ’s underwriters, sensing bigger-than-expected investor appetite for the offering, raised the initial sale price to $17, above the $14 to $16 expected range. They also increased the number of shares to be sold in the offering by 20 percent, to more than 13 million shares.

The offering garnered Tesla more than $226 million in proceeds.

So far, investors appear unconcerned about some of the risks of investing in Tesla. Among those, as noted by the company: its constant losses since its founding its dependence on access to loans from the Energy Department and its reliance on one car model, the $109,000 Roadster. The more affordable $50,000 Model S isnÂ’t expected to hit sales floors for another two years.

Related News

Dr Henri Paillere,

Opinion: Nuclear Beyond Electricity

LONDON - By Dr Henri Paillere, Head of the Planning and Economics Studies Section of the IAEA

Decarbonising the power sector will not be sufficient to achieving net-zero emissions. We also need to decarbonise the non-power sectors - transport, buildings and industry - which represent 60% of emissions from the energy sector today. The way to do that is: electrification with low-carbon electricity as much as possible; using low-carbon heat sources; and using low-carbon fuels, including hydrogen, produced from clean electricity.
The International Energy Agency (IEA) says that: 'Almost half of the emissions reductions needed to reach net zero by 2050…

READ MORE
Site C Dam

OPINION | Bridging the electricity gap between Alberta and B.C. makes perfect climate sense

READ MORE

Quebec premier inaugurates La Romaine hydroelectric complex

READ MORE

How Ukraine Unplugged from Russia and Joined Europe's Power Grid with Unprecedented Speed

READ MORE

iran nuclear plant deal

Iran Says Deals to Rehabilitate, Develop Iraq Power Grid Finalized

READ MORE