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Tesla to raise $1 billion, will fund Model 3 launch

Tesla ramps up to its Model 3 launch, wants to raise another $1 billion.

Published Mar 15, 2017 11:54 PM CDT   |   Updated Tue, Nov 3 2020 11:56 AM CST
0 minutes & 27 seconds read time

Tesla Motors is looking to raise just over $1 billion, something the electric car maker will do soon as it ramps up towards the launch of its upcoming Model 3 electric vehicle - its new car priced at around $35,000.

Tesla to raise $1 billion, will fund Model 3 launch | TweakTown.com

The upcoming $1 billion injection will come from $250 million in secondary stock offerings, with another $750 million in convertible senior notes (as The Verge points out, it's "basically a loan"). There'll also be options for the underwriters to secure another 15% for each offering, while Tesla CEO and real life Tony Stark, Elon Musk, will buy $25 million in Tesla common stock as part of the deal.

Tesla will launch its new Model 3 electric car in 2018, starting from $35,000.

NEWS SOURCE:theverge.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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