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Electric sports car maker Tesla plans to float

Tesla chief executive Elon Musk believes that time is ripe to take the electric sports car maker public through a flotation.

The historic move for the US manufacturer is expected by some industry observers to be imminent, according to a Reuters article.

Musk has mooted the idea for some time, and the resurgence of initial public offerings (IPO) from companies with a green stance, such as lithium-ion battery manufacturer A123, is understood to be encouraging more venture capital-backed green companies to go public.

The success of hybrid vehicles in recent years has renewed interest in fully electric cars. Their newfound popularity has also been spurred by government programs aimed at reducing reliance on fossil fuels, such as the Obama administration’s push to have 1 million rechargeable vehicles on U.S. roads by 2015 and low-cost Department of Energy loans for manufacturers.

Alongside its sports coupe, Tesla’s plans to offer other more practical vehicles, such as the all-electric Model S 4-door sedan.

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