NEW YORK ( TheStreet) -- Tesla Motors -- apparently eager to enter an auto market still reeling from the economic downturn -- is planning an initial public offering .

The electric car maker did not reveal when the deal would be complete, how many shares it's selling or the pricing, but did say it hopes to raise up to $100 million in the deal.

This would be the first IPO in the auto industry since Ford ( F) came to market in 1956.

Whether or not this is the right time for Tesla to come to market is a debatable point. Since the beginning of the year, the majority of the companies that came to market priced either below or at the low end of expectations.

China Electric Motor ( CELM)and Andatee China Marine Fuel Service ( AMCF), to name two, are among the companies that came to market last week pricing shares below their target.

-- Written by Jeanine Poggi from New York

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