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Tesla to fund Model 3 production with $1.5 billion bond offering


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As Tesla begins to ramp up Model 3 production, the company will seek a $1.5 billion bond offering to help finance its push.

“Tesla intends to use the net proceeds from this offering to further strengthen its balance sheet during this period of rapid scaling with the launch of Model 3, and for general corporate purposes,” the company said in a prepared statement.

The bond offering comes on the heels of the Model 3 delivery event, which left journalists raving about the high-volume EV. Tesla has reportedly received 1,800 reservations per day following the event.



Bloomberg reported that this is the first time the company is selling non-convertible bonds.

Tesla CEO Elon Musk has previously made statements about how the company would be enduring “production hell” in the near future, a clear reference to Tesla’s production S-Curve and the resources required to get the wheels turning early on.

The $1.5 billion bond can also be seen as part of the Model 3 S-Curve. The S-Curve, which features a diffusion of innovation and allows for a company to explore the most efficient way to make its product, requires big-time investment and resources early on.

CNBC reported that Tesla had $3 billion in cash at the end of the second quarter and is expected to burn around $2 billion this year.

Overall, Model 3 reservation holders and Tesla investors can view the bond move as a good sign — the company is buckling down and taking real steps toward ramping up production.

As production increases, the capital will allow for Tesla to reach its lofty milestone of producing 10,000 Model 3s per week in 2018. That would peg total production for the year around half a million.  

The company has said outright that the money will be used to fund the Model 3 and cover other corporate costs.

Tesla has seen a turbulent run on the stock market in recent months as investors grapple with the automotive company’s potential. While many have taken short positions, citing Tesla’s cash burn rate and the challenges it faces in reaching Model 3 production goals, a recent earnings call resulted in a jump for the company’s stock price.

Either way, the capital will put Musk and Tesla in a situation to prove if producing a high volume, affordable EV option is possible.

The post Tesla to fund Model 3 production with $1.5 billion bond offering appeared first on TESLARATI.com.

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