(Story updated with GM update on international goals and analyst reaction to GM IPO)
NEW YORK ( TheStreet) -- Two of the most widely discussed IPOs of late have been those of Tesla Motors, which launches Tuesday, and GM, which is slated for later in the year. Indeed, on Jim Cramer's Monday Stop Trading! segment on CNBC, Cramer declared that "GM's a real business ... Tesla isn't."

Tesla's much anticipated, sleek, Model S electric car has lot to do with why investors are so enthused about the company. Deliveries for the cars are expected to begin in 2012 with a base price of $49,900 -- offering car buyers a chance at owning a beautiful piece of machinery for a far cheaper price than Tesla's $100,000 electric Roadster sports car.

While investors and car enthusiasts alike are eagerly awaiting the final product, analysts have reason to be skeptical about Tesla's ability to get the product to the market on time. Why? Because neither the purchase of the plant where the Model S would be made nor its final design plans are complete.

Furthermore, the unprofitable electric automaker's mere handful of dealerships -- next to the thousands that electric vehicle competitors like Nissan ( NSANY) and GM's Chevrolet have, combined -- has also been a cause for concern. As Cramer noted on Stop Trading! Monday, "it's sold like 1,000 cars."

Tesla's initial public offering occurs on Tuesday and is being priced above previous expectations; the automaker said that its IPO of 13.3 million common shares was priced at $17 a share, above the offering price of $14 to $16 a share. Tesla shares is to be trading under the ticker symbol TSLA.

Meanwhile, GM, which is barely more than a year out of its government-backed bankruptcy, is expected to launch its IPO this year. According to Reuters, GM's IPO could be one of the biggest ever in the U.S., raising as much as $20 billion and reviving consumer confidence in the company and its brands.

Reuters sources note that the GM's offering will probably result in a minority stake in GM for the U.S. government while allowing the company to raise new funds.

Currently, the Treasury has a 60.8% stake in GM stock after bailing out the automaker with $50 billion last year. Reuters reports that the Treasury wants to sell roughly 20% of this stake in the sale.

The UAW (United Auto Workers) healthcare trust also wants to sell shares in the IPO, according to Reuters.

Wall Street Strategies analyst David Silver wrote in an investor note that the "American taxpayer and Canadian taxpayer shouldn't get all giddy that they will be repaid in full on the first round," following GM's IPO, pointing out that the largest IPO so far has been Visa's ( V) and it raised $17.9 billion; the U.S. taxpayer wants GM for more than $50 billion.

"Eventually, General Motors will become a public company, but it will take a few more years before the U.S. taxpayer and Canadian taxpayers are made whole again," Silver believes.

Nevertheless, he thinks that GM's IPO will be a more attractive deal than Tesla's, given that GM has a large market share and is growing overseas.

Silver cautioned in his note that European sales will be weak through the rest of the year and the auto industry could plateau over the next few months -- especially with the end of the cash for clunkers program from last summer -- and be a drag on GM's IPO.

In a meeting with the analyst and investor community outside Detroit Tuesday, GM executives told attendees that the company anticipates launching 70 models internationally by 2014 to drive market share, according to Silver. They also said that GM could become the first global automaker to sell over two million vehicles in China this year.

All of this begs the question: How do you think the Tesla Motors and GM IPOs will stack up against each other? Take our poll below to see what TheStreet predicts -- and don't forget to leave a comment.

How do you think the Tesla Motors and GM IPOs will measure up against each other?

The GM IPO will beat Tesla's.
The Tesla IPO will beat GM's.
Their IPOs will be comparable.

Ford's Safest Cars: Photo Gallery
Click here for five very safe Ford cars

-- Reported by Andrea Tse in New York

RELATED STORIES:


Get more stock ideas and investing advice on our sister site, Stockpickr.com.
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.