Friday, 17 November, 2017

Tesla opens first showroom in Korea

Model 3 in a garage Image source Tesla
Cecilia Poole | 16 March, 2017, 00:17

Tesla said it would offer $250 million of common stock and $750 million of convertible senior notes due in 2022 in concurrent underwritten registered public offerings. The company's CEO has also said that the company plans to release the Tesla Model Y before either of these two vehicles.

Tesla Inc.is fundraising again, looking to raise $1 billion in capital ahead of the launch of a lower-priced electric vehicle called the Model 3.

The stock and debt offerings are aimed at offsetting widespread concern that Tesla might face a cash shortage as it not only ramps up the Model 3, but continues building its Gigafactory battery factory in Nevada and absorbs SolarCity Corp., a provider of solar-power panels that Tesla recently acquired.

The capital raise was widely expected. Last year, Tesla made a similar stock offering to fund Model 3 production, although without the convertible notes, and another back in 2015.

Tesla reported in SEC filings that it began assembling pre-production Model 3s in February of this year and expects a beta prototype to be completed by the end of the first quarter of 2017.

Prior to the Tesla filings, Trump was in MI to meet with automotive leaders and said he would reverse a decision by the Obama Administration to lock in a mandate requiring automotive corporate average fuel economy, or CAFE, reach 54.5 miles per gallon by 2025. Musk has also been dropping hints about the new electric vehicle model.

A recent run-up in Tesla stock-including a almost 5% bump on Tuesday-created ideal conditions for the company to raise more money by selling more shares. "Thankfully we were there to capture it for our fellow Tesla fanatics".

Since the start of the year through March 15, Tesla shares had risen 20 percent.

Tesla Model Y will have the signature Falcon Wing and other similar Tesla Model 3 specifications in terms of design, according to a news report.

Alan Ohnsman covers the intersection of technology, autos and mobility.

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