PALO ALTO, Calif. (CBS/AP) — Electric car maker Tesla Motors Inc. said it plans to raise up to $214.3 million by selling common stock.

A portion of the proceeds will be used to develop a crossover vehicle.

Tesla plans to sell 5.3 million shares to the public, and up to 795,000 more to the underwriter, at $26 each, according to a regulatory filing. That would raise up to $158.5 million.

CEO and co-founder Elon Musk will also buy 1.5 million shares at the same price in a private sale. Blackstar Investco LLC, an affiliate of Daimler AG, will buy 644,475 shares directly from Tesla at the public offering price. That would bring total proceeds of $214.3 million.

Tesla sells one model, the Roadster. Deliveries of a second car, the Model S, begin next year.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)

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