Tesla Motors, which designs, manufactures and sells high-performance fully electric vehicles, announced terms for its highly anticipated IPO on Tuesday. The Palo Alto, CA-based company plans to raise $167 million by offering 11.1 million shares at a price range of $14-$16; at the mid-point of the proposed range, Tesla Motors will command a market value of $1.5 billion. The electric car maker will also conduct a private placement of $50 million to Toyota at the IPO price, according to the SEC filing.

Tesla Motors, which was founded in 2003 and booked $112 million in sales last year, currently markets the Tesla Roadster and claims to be the only company to produce a federally-compliant highway-capable electric vehicle. As of March 31st, 2010, 1,063 Roadsters had been sold to customers in 22 countries. The company is in the process of designing its Model S sedan, which will be offered at a lower price point and produced at higher volumes than the Tesla Roadster and is expected to launch in 2012. Tesla Motors plans to list on the NASDAQ under the symbol TSLA. Goldman, Sachs & Co., Morgan Stanley and J.P. Morgan are the lead underwriters on the deal, which is expected to price during the week of June 28th.