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Tesla Plans $1.5 Billion Bond Sale for Model 3 Launch
Tesla Inc. aims to raise $1.5 billion through a corporate bond offering to bolster its $3 billion cash supply as it ramps up production of its $35,000 Model 3 electric sedan.
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Tesla Inc. aims to raise $1.5 billion through a corporate bond offering to bolster its $3 billion cash supply as it ramps up production of its $35,000 Model 3 electric sedan.
Output began last month at very low volumes. But Tesla aims to build 100,000 of the sedans by year-end and 400,000 units in 2018. Analysts estimate the company will burn through $2 billion this year to do so.
Last month CEO Elon Musk described the coming production increase as “six months of manufacturing hell.” Last year the company sold a record-high 76,200 of its considerably more expensive Model S sedans and Model X crossover vehicles.
Tesla says it has collected refundable deposits from 518,000 would-be Model 3 buyers. Musk has cautioned that customers who haven’t already ordered one of the cars aren’t likely to receive one until the end of next year.
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