Tesla to sell $500 million of stock for spending spree on Model 3, Gigafactory
Tesla is looking to fuel up again
The electric vehicle company announced Thursday that it intends to sell $500 million of additional stock to investors in order to help fund its investments in projects like the more affordable Model 3 car and the Tesla Gigafactory for battery production.
The stock sale comes just days after Tesla revealed it had burned through more than $350 million in cash in the June quarter, bringing its total amount of cash and cash equivalents down to $1.15 billion. On a conference call with analysts earlier this month, Tesla CEO Elon Musk remained coy about the need for the company to raise more money. Read more…