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Tesla Announces Pricing of Initial Public Offering

July 1, 2010
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PALO ALTO, CA - Tesla Motors Inc., a manufacturer of highway-capable fully electric vehicles and electric vehicle powertrain components, has announced its initial public offering of 13,300,000 shares of its common stock at a price to the public of $17.00 per share. The shares will begin trading on Tuesday, June 29, 2010 on the NASDAQ Global Select Market under the ticker symbol “TSLA.” Of the shares in the offering, 11,880,600 shares are being offered by the company and 1,419,400 shares are being offered by selling stockholders. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional aggregate of 1,995,000 shares of common stock to cover over-allotments, if any. Tesla will not receive any proceeds from the sale of shares by the selling stockholders.

Goldman, Sachs & Co., Morgan Stanley, J.P. Morgan and Deutsche Bank Securities are acting as the joint book-running managers for the offering.

The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Goldman, Sachs & Co., via telephone: (866) 471-2526; facsimile: (212) 902-9316; email: prospectus-ny@ny.email.gs.com; or standard mail at Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282-2198; from Morgan Stanley & Co. Incorporated, via telephone: (866) 718-1649; email: prospectus@morganstanley.com; or standard mail at Morgan Stanley & Co. Incorporated, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014; from J.P. Morgan Securities Inc., via telephone: (718) 242-8002; or standard mail at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; or from Deutsche Bank Securities Inc., via telephone: (800) 503-4611; or standard mail at 100 Plaza One, Jersey City, NJ 07311 Attn: Prospectus Department.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Tesla designs, develops, manufactures and sells high-performance fully electric vehicles and advanced electric vehicle powertrain components. In addition to designing and manufacturing vehicles, Tesla sells and services them through its own sales and service network. Tesla has delivered more than 1,000 Tesla Roadsters to customers in 22 countries. Tesla is headquartered in Palo Alto, CA.

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