Tesla starts rais­ing cash in push to get Model 3 to masses

The Guardian (Charlottetown) - - BUSINESS -

PALO ALTO, Calif. - Tesla is rais­ing $1.5 bil­lion as it ramps up pro­duc­tion of the Model 3 sedan, its first mass mar­ket elec­tric car.

The com­pany said Mon­day that it planned to of­fer se­nior notes due in 2025 and would use the of­fer­ing’s pro­ceeds to fur­ther strengthen its bal­ance sheet dur­ing rapid scal­ing of the Model 3.

Last week CEO Elon Musk said in­vestors should have “zero con­cern” about whether Tesla will be able to make 10,000 Model 3s per week by next year. Tesla just de­liv­ered the first 30 Model 3s to em­ploy­ees two weeks ago.

Musk wor­ried some in­vestors when he warned that Tesla was about to em­bark on “at least six months of man­u­fac­tur­ing hell” as it at­tempts to get Model 3 pro­duc­tion to 5,000 cars per week by De­cem­ber.

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