REFILE-UPDATE 3-Carmaker Tesla's stock zooms 40 pct on first day

Tue Jun 29, 2010 9:48pm GMT
 

(Refiles to add link to interactive graphic on electric cars)

* Carmaker's stock defies weakness in the broad market

* Tesla now has $2.22 billion market cap

* CEO Elon Musk's stake worth more than $650 mln

* Tesla first carmaker to have IPO since Ford's 1956 debut

* Tesla not expecting profits until at least 2012 (Updates share prices, adds details on shareholders, comparison with other auto deals, other background)

By Jonathan Spicer and Poornima Gupta

NEW YORK/SAN FRANCISCO, June 29 (Reuters) - Electric carmaker Tesla Motors Corp's (TSLA.O: Quote) initial public offering zoomed ahead on Tuesday with shares rallying more than 40 percent as investors bet that electric cars would define the future of transportation.

Tesla's shining debut came despite weakness in the broad market and as other auto stocks were hit by concerns of a global slowdown. Tesla was the top gainer on the Nasdaq on Tuesday, offering hope to other companies mulling initial public offerings but which may have shied away given recent volatility.   Continued...

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