Tesla aiming to raise £1.2bn for mass market electric car

Tesla aiming to raise £1.2bn for mass market electric car

The record-holders had to drive without air conditioning at an average speed of just 25mph (40kmph), but hailed the move as further evidence of the high levels of efficiency achieved by electric vehicles. Last year, Tesla was very close to hitting the target to sell 100,000 electric vehicles in a year but have a very positive attitude after the entrance of Model 3 car in the market to achieve the target soon.

And with the company seeing a massive uptick in its share price over the first half of 2017, much discussion has swirled around whether CEO Elon Musk and his management team would head back to the public markets for more.

The e-car pioneer has announced it wants to raise more than a billion dollars in fresh debt obligations under efforts to strengthen its balance sheet ahead of mass-producing its latest Model 3 sedan.

Tesla will offer the new debt only to institutional buyers and will not register the notes with the U.S. Securities and Exchange Commission.

The base Model S with the $6000 for autopilot and $4000 for full self driving costs $77500 but currently has about $10,000 in tax incentives from the US and California governments.

The company expects cash flow to improve as it starts selling Model 3s. For that, you get the five-seat configuration; a six-seat layout is $6,000 more, while a seven-seat configuration is $3,000. We learned how long each version will go on a single charge. Early, premium editions were delivered to 30 company employees and investors on July 28. Last year the company produced 84,000 vehicles, which was a gain of 64% from the prior year.

S&P Capital senior equity analyst Efraim Levy said the bonds provide Tesla with funds "at least into mid-2018".

Credit investors are due to price Tesla's bonds later this week based on financial statements and borrowing history.

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