Tesla’s second stock offering netted the automaker $738 million in cash for its Gigafactory, Model 3 development, and dealer and service upgrades, Bloomberg is reporting.
Banks exercised their options to buy more stock than the initial $500 million estimate, with underwriters Morgan Stanley and Goldman Sachs buying more than 2 million of the available 3.1 million shares. Tesla CEO Elon Musk said he would be interested in buying $20 million worth of shares in the offering.
(Before the stock offering, the banking arms of Morgan Stanley and Goldman Sachs loaned Musk a combined $475 million, to which Musk pays market rate and is separate from their investment divisions, according to the offering.)
Shares of Tesla were down more than 3 percent in Thursday trading to $245. (Read More…)
Tesla’s ride-sharing business could be worth hundreds of millions to the company in the future, an analyst for Morgan Stanley said Monday.
Adam Jonas increased his price target for Tesla from $280 to $465 — but said the stock could go even higher to $611 — based on his forecast that Tesla could introduce an autonomous ride-sharing service by as early as 2018, Bloomberg reported.
It’s at least the third time that Jonas has publicly pumped Tesla’s stock.
Fiat Chrysler Automobiles formally filed its initial public offering on Thursday to spin off Ferrari into its own separate company.
The filing doesn’t specify price or number of shares to be offered when the shares are publicly available sometime after Oct. 13.
Roughly 10 percent of the company will be publicly traded, with the rest of the company remaining under control of existing FCA shareholders and Piero Lardi Ferrari, Enzo Ferrari’s son and current vice chairman.
This edition of While You Were Sleeping offers up a bit more than usual. Instead of just overnight, we are going to try to cover as many topics from over the long weekend as possible with additional commentary.
Here we go!
TTAC commentator Raph writes:
Hey Sajeev I’ve got a a bit of a conundrum with 09 GT500. I recently purchased a blue-tooth OBDII dongle and the Torque Pro app for my phone which provides a variety of useful functions including monitoring various PIDs (On Board Diagnostic Parameter IDs). (Read More…)
A recent research note from Morgan Stanley dubbed Tesla the “world’s most important auto maker”, on account of its innovation in the area of electric vehicles, autonomous cars and connectivity. Could there be another reason for such enthusiasm?
With the vast majority of the government’s General Motors shares sold, the U.S. government is reporting a $9.7 billion loss, according to a Congressional report cited by the Detroit News.
The 12-person protest that took place at Chrysler’s Warren, Michgan truck plant got little notice in the automotive news cycle, save for a couple of mentions on the usual aggregators. In truth, it’s not the juiciest story to sell in this click-driven wasteland, though these stories tend to raise the most interesting questions. This example highlights an issue that is going to dog the UAW for some time – how will the UAW control their workers when they are also the owners?
Shares of General Motors held by the Canadian federal government and the government of Ontario may have difficulty unloading their $9 billion stake in General Motors, according to a report by Bloomberg.
I currently own a 2007 WRX Wagon with a little over 100,000 miles on it. I love this car, even enough to overlook getting merely 21mpg. Anyways.
As is true with many import car owners who love too much, I started modifying the car almost as soon as I got it. It currently has a 3″ exhaust, a tune, and some miscellaneous other engine bits, with suspension components on order. The car is my current project, and I plan on keeping it for some time. There’s a slight problem though. (Read More…)