TSLA shares drop on lock up period expiry.
The price Tesla Motors Inc. (NASDAQ:TSLA) stock dropped nearly 15% when the lock up period expired. This allowed a wave of investors to sell shares that were not open until 180 days after the initial public offering back in June.
Of the 93 million outstanding shares, 75 million or 80% of the shares can be freely bought and sold on the open market.
Tesla Motors is still on schedule for 2012 deliveries of the Model S. The Model S, is a large sedan that can accommodate seating for five adults and two children. The Model S does not have the acceleration of the Roadster, but it is still impressive at 5.6 seconds for 0 to 60 MPH.
The car has three different range packages which will allow you to go 160, 230 or 300 miles on a single charge. Recharging the battery takes about 45 minutes.
There is a second cargo area under the hood giving the Tesla more cargo space than typical sedans.