Posted November 02, 2018 05:25:23Tesla (TSLA) will announce an initial public offering of its business in early 2018.
The announcement will come on the heels of a regulatory filing that outlined the company’s plans to buy Yahoo Finance, a brokerage firm with about 30,000 investors, and Bajaaj Finance, which has more than 30,0000 investors.
The two companies were spun off from Tesla’s Autopilot division, which is now called Tesla Ventures.
Bajaaj is part of Tesla’s “venture capital” arm, which also includes investments in other tech companies.
The company’s stock is currently trading at about $36.80 per share, about half of its price two years ago.
“The two companies have different approaches to business, but we believe they are complementary and complementary companies with a strong competitive edge,” Tesla said in a regulatory filings.
Tesla is looking to expand its automotive business, and has been selling vehicles to Chinese automakers.
Tesla’s sales of autonomous cars in China were estimated to reach nearly $1 billion last year.
Bajaai is a Shanghai-based brokerage firm that is run by Alibaba Chairman Jack Ma.
Alibaba and Bajiai were founded in 2005.
Tesla has been focused on building out its self-driving cars business in China.
Its Autopilots program has driven more than 1,500 vehicles, but has been plagued by problems with safety and the lack of a fleet of vehicles to take them to the road.
Tesla has also had trouble getting the Model S and Model X electric cars into Chinese buyers’ hands.
The Chinese market is not Tesla’s biggest, but it is the biggest market for the company, and it would have been difficult for Tesla to build its own fleet of cars there, said Michael Moritz, an analyst with Sanford C. Bernstein.
The Tesla IPO is a way for the electric automaker to bring its autonomous cars into a more mature market.
The automaker is aiming to have more than 100,000 vehicles on the road by the end of the year.