Tesla IPO What& s an Electric Car Maker Worth? Tech …

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Tesla Motors Electric Cars

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How much is an electric car worth? Some of the world s automakers have invested sums into plug-in development efforts, but Tesla s IPO us the first real glimpse of how the values an electric vehicle


How much is a pure-play electric car worth? Some of the world’s automakers have invested sums into plug-in development efforts in recent but Tesla Motors’ IPO this gives us the first real of how the market values an electric business. Here’s how Tesla — an mover in a growing field includes Fisker Automotive, Automotive, Think and others — to some of the heavyweights that are their engines for the electric market.

Tesla’s initial capitalization (the total value in dollars of a company’s shares) comes in at about $2.2 based on the company’s close at per share and the number of shares Tesla, which aims to its business beyond high-end sports cars to supply and produce a higher-volume, lower-priced raised $202 million in the selling 11.88 million at $17 per share (stockholders sold an 1.2 million shares). Ultimately the IPO be worth upwards of $260 for the company, MarketWatch reports. underwriters having an option to buy 2 million additional common from selling stockholders a 30-day window to cover any

At the $15-per-share midpoint of the company’s price range estimate, to Bloomberg. Tesla was valued at a 5.5 times its net tangible assets (“a of shareholder equity that assets that can’t be in liquidation”). For comparison, the median for companies globally is about a of that, or 1.82 times net tangible assets, Bloomberg

Behind the Numbers

Tesla’s valuation ratio relative to auto companies reflects an that electric vehicles are a industry, says Lux Research Jacob Grose. “It is an indication the investment community is betting Tesla will grow faster (and its electric will sell much than the average auto (standard gas-powered car) over the next few years,” he us in an email today.

Mike Senior Manager for J.D. and Associates’ Global Powertrain added that the 5.5 valuation compared to 1.82 for global reflects the perception of Tesla as a and technology company, rather a traditional auto company. the auto industry’s largest have to deal with costs, unions, engine and plants scattered worldwide, tooling, extensive dealer and “other factors that up the cost of doing business,” explained, Tesla’s business is low on and mortar,” and high on potentially intellectual property.

Tesla CEO and Chairman Elon hammered home the idea of as a technology innovator with its in Silicon Valley during his show” pitch to prospective this month ahead of IPO. Tesla’s “closer to an or a Google,” than to a GM or a Ford, Musk, in terms of how the company “I don’t think that’s GM or Ford will be able to ever.”

Perhaps more Tesla has highway-capable electric on U.S. roads at a time no other company does — it to boost “intangible assets,” as public good will and a of brand recognition that startups can only dream of. Tesla has sold fewer 1,100 vehicles in its seven of existence, and Pike Research analyst Dave Hurst that he’s “not that their specific technology is that much advanced than Nissan’s, GM’s, or other battery Tesla has “real customer to back up their claims” and that its battery pack “is not just a concept or ‘coming

Despite these strengths, believes Tesla may be overvalued the company’s “very small portfolio, uncertainty regarding the of the future EV market, and the strength of competitors,” such as Nissan, GM, Daimler (a Tesla investor), BMW and entering the plug-in vehicle Tesla got in on the ground floor of the sports car market (few have believed that even existed before with its Roadster, but by the time it out the Model S — a mid-priced electric scheduled to launch in 2012 the key to Tesla’s profitability — electric car will have more than ever before.

argued that Tesla at point is being “overvalued, but not so,” explaining that much of the company’s value with the intangibles,” the company boast “strong market

Omotoso commented that loan award from the of Energy and investment from likely “made investors see as a safe play,” adding “The feeling may be that the and some state governments so much invested in the EV market at point that they’ll do they can to help Tesla and EV companies succeed.”

Big Auto Makers

Tesla Motors Electric Cars

Nissan Japan’s third-largest automaker. had a cap of $28.08 billion at market on Tuesday. The automaker, which a net of 42.4 billion yen (about million) for the year ending 31 and a quarterly loss of billion yen ($125.5 million), to dominate the global electric market along with ally Renault. First up is the LEAF, an all-electric sedan set to later this year a sticker price of $32,780 incentives) that Nissan not expect to be profitable until three of the model .

Nissan in May that it expects capital to reach 360 billion yen (about $4 or 4.4 percent of sales in the fiscal ending next March, up 273.6 billion yen or 3.6 percent of in the 2009 fiscal year. chief Carlos Ghosn the increase in that percentage to the buildout of manufacturing capacity for cars and efforts to expand in markets.

General Motors, plans to the Chevy Volt, its first vehicle since the EV-1 of the later this year. The which reportedly plans to with regulators as early as for a return to public trading, has by estimates invested more $1 billion developing the Volt and not expect to make money on the for at least the first generation or Back in February 2009, a few before entering bankruptcy, market cap hit a 71-year low. below $1 billion. Now that GM has and lightened its debt load, cites analyst calculations investors on the public markets support a GM market capitalization of between $70 billion and $90 billion.”

IPOs

A123 Systems, a battery maker hoping to a growing electric vehicle went public in September and as of Tuesday’s market close had a cap of $958.9 million. A123, like Tesla has yet to turn a has seen its stock slide a level above $20 last to below $9.20 on Tuesday the initially proposed price of between $8 and $9.50 a share ). “In Oliver Hazimeh, director of Management Consultants explained , “investors quickly realized that and growth are tightly linked to to scale up and drive cost

A string of other greentech remain in the IPO pipeline. Smart networking darling Silver Networks, rumored to be working an IPO this year, is reportedly for a $3 billion market valuation. double the $1.5 billion figure that started around after Silver Spring home energy web display developer Greenbox Technologies in for a rumored $20 million.

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