The hype around Tesla Motors has certainly paid off. As Tesla went public, their stock prices have done better than originally planned. Under the ticker symbol TSLA, the Silicon Valley company’s stock opened at $17 (going up as high as $19), above the anticipated range of $14 to $16.

The company hoped to raise up to $178 million by selling 11.1 million shares, but has done better than anticipated by raising over $220 million in funding by selling 13.3 million shares. Including investments from Daimler and Toyota, and receiving a $465 million loan guarantee from the U.S. Department of Energy to build a factory, Tesla is on its way to becoming a leader in electric cars.

Tesla is best known for their first and only electric car, the $109,000 Roadster, which was introduced in 2008. Selling only about 1,100 of the cars worldwide to the rich and famous. With the IPO proceeds, the company will fund production of the company’s new vehicle, the Model S sedan, which is expected to sell for about $57,000. A federal tax credit of $7,500 for electric cars would cut the price to just under $50,000. The commercial launch is planned for 2012.