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Tesla Plans $1.7 Billion Stock Sales
Tesla Motors Inc. says it will offer $1.7 billion in new shares to help fund a fast launch for its Model 3 electric sedan when the $35,000 car goes into production at the end of next year.
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Tesla Motors Inc. says it will offer $1.7 billion in new shares to help fund a fast launch for its Model 3 electric sedan when the $35,000 car goes into production at the end of next year.
Tesla plans to offer as many as 8.2 million shares at $204.66 each. The company’s stock price closed on Wednesday at $211.17, up 3%.
CEO Elon Musk told analysts last month he plans to boost annual capacity at Tesla’s assembly plant in California to 500,000 units by 2018, two years sooner than previously planned. The company made about 50,000 cars in 2015.
Tesla unveiled the Model 3 at the end of March. The company says it currently holds about 373,000 reservations for the Model 3 in the form of refundable $1,000 deposits.
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