undergroundnewsroom.com April 21, 2018

Tesla is raising $1.5B to ramp up Model 3 production

08 August 2017, 12:45 | Clyde Nash

Tesla cuts price on Model X SUV

Tesla Model X Is $3000 Cheaper Today Due to Improved Margins

Exhausted of being a niche luxury brand for the rich, the California-based electric-vehicle maker wants to take on Ford Motor Company (NYSE:F) and General Motors Company (NYSE:GM) in mass-market automotion by ramping up production of its newest auto, the Model 3.

Tesla has increased the value proposition of the Model X in other ways, too. Vetr upgraded shares of Tesla from a "strong sell" rating to a "sell" rating and set a $335.62 price target on the stock in a report on Tuesday, June 13th.

Following the event, Model 3 reservations have been on something of a surge, reportedly, so the company will no doubt need quite a lot of funding if it's to meet its current order obligations in a timely fashion.

Some of the 100,000 people who reserved a Tesla Model 3 before Tesla even showed the vehicle in March 2016. The non-recourse debt was absorbed from the SolarCity acquisition previous year, and is largely secured by leased solar systems.

But prospective investors in this deal will just get the yield - and perhaps not enough to compensate for the risk, Flaherty said.

The news came at the same time as five members of the Italian Tesla owners club claimed to have travelled a record distance of 670 miles on a single charge of the Telsa Model S.

Beating Ford and GM is going to cost tons of money, which is why Tesla just announced a $1.5 billion bond offering.

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Tesla produced nearly 84,000 cars and sport utility vehicles last year but wants to boost its production to 500,000 by the end of next year, and 1 million in 2020.

Tesla recorded revenue of $2.79 billion in the second quarter, up 34% from a year earlier.

Tesla plans to build a total of 20,000 Model 3 sedans by the end of the year and ramp production to 500,000 a year by the end of 2018.

Tesla recently started installing solar roofs and is pairing that business with sales of Powerwall batteries that can store that energy and power homes. The company's most-active bonds, the 2.375% notes that mature in March of 2022, were trading at a premium of 127.38 cents on the dollar, to yield 3.118%, according to MarketAxess.

Tesla's cash burn has prompted short-sellers like Greenlight Capital's David Einhorn to bet against the Palo Alto, California company.

While Tesla said that it wouldn't raise more capital through equity, it opened the door to revisit another round of debt through convertible notes.

Goldman Sachs, Morgan Stanley, Barclays, Bank of America-Merrill Lynch, Citigroup, Deutsche Bank and RBC were some of the institutionals participating in the fund-raising round. Tesla's stock has risen by 67 percent this year.

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