Electric Car Sector Heats Up, TM, Tesla, RNNM
16.06.10
Toyota Motor Corporation (ADR) (NYSE:TM), Ronn Motors (OTC:RNNM)
Energized car maker Tesla Motors Inc. will raise up to $167 million in an initial public present stock sale slated to begin late this month. The company, in a Securities and Swop Commission filing this week, said that it would sell 12.8 million shares for between $14 and $16 per allowance.
Toyota Motor Corp. will purchase around $50 million worth of the stock in a particular placement transaction, giving the Japanese firm a 4 percent ownership in the California-based carmaker.
Currently, Tesla is testing its Paragon S all-electric sedan, which will retail around $55,000.
Ronn Motors has announced it supports the Electric Tour Vehicle Deployment Act of 2010 that was introduced to both the US House and Senate.
Ronn Maxwell, Ronn Motors CEO, commented, “We put one's trust in that once this Act is approved and passed into legislation, Ronn Motors will be in an enviable position to take full advantage of the benefits the proposed Act has to extend due to the Company’s existing relationships with the City of Marble Falls and the State of Texas.
Source: Live Trading News