PALO ALTO, Calif. (AP) — 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.READ MORE: North Texas Man Arrested For Allegedly Shooting Through Apartment, Killing Neighbor
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.READ MORE: Southern Border Patrol Agents Save Undocumented Migrant Who Fell Under Train, Remind Others 'Don't Trust Smugglers'
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.MORE NEWS: Dallas Baptist Falls 1 Game Short In Bid For 1st College World Series Berth
(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)