Finance & Business World

Tesla Motors Inc. said Tuesday it expects its stock will sell in the $14 to $16 a share price range.

The Palo Alto-based electric car company said that it expects to raise up to $230 million between the 10 million shares it will sell in its initial public offering, the 3.3 million shares that Toyota Motor Corp. has agreed to buy and 1.1 million in additional shares its underwriters have the option to buy payday advance.

The company's market cap at the high end of the price range would be about $1.5 billion.

It has applied for the ticker symbol "TSLA" to trade on the Nasdaq exchange.

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