Tesla says it 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 price for the most affordable version of the Tesla crossover has now fallen from US$82,500 to US$79,500, but the P100D version of the Model X with faster acceleration and longer range costs considerably more at US$145,000. The carmaker said last week that it expects about $2 billion in capital expenditures in the second half of the year as it spends on Model 3 equipment, its battery gigafactory and the expansion of its supercharger network. Alongside its efforts to scale vehicle production, the company is also pursuing several other projects, including the development of a crossover SUV dubbed the Model Y. It's set to be based on the same architecture as the Model 3.
The Long Range version of the Model 3 allows a 0-100 time of 5.1s, indicating there's plenty of room for improvement with a Ludicrous mode.
Elon Musk's auto manufacturing firm Tesla appears to be in the lead in the "arms race" for lithium-ion batteries, but others may be soon to follow, a former prominent Credit Suisse research head told CNBC on Monday.
But Jack Flaherty, a money manager at GAM Holding AG who's bought Tesla convertible debt, said the yield might not be enough to compensate for the risk.
"As a straight bond investor, it's hard for me to think I really want to do this".
Mooday's Bruce Clark assigned a B2 rating (equivalent to a single-B). They are speculative-grade, or "junk".
Inside EVs got its hands on this EPA filing, and after doing some quick math determined the Model 3 has an 80.5-kilowatt-hour battery pack. Also, Musk owns SpaceX - which designs, manufactures and launches advanced rockets and spacecraft - and plans to work with NASA to transport astronauts into space.
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