Tesla Turns To Junk Bonds To Raise Money

Tesla Model X

Tesla has announced a bond sales which will attempt to raise £1.15 billion needed to fund the "rapid scaling" required to ramp-up production of its Model 3 EFV saloon. According to Tesla CEO Elon Musk, the performance variant of the Model 3 in all wheel drive is expected to arrive in mid-2018.

Monday's debt offering marked Tesla's maiden voyage into the junk-bond market.

The value of the bond is also determined by how much others are willing to pay for it, as investors can sell their bond before the end of the agreed payment period.

As of 1550 BST shares were down 0.27% at $355.93. Musk himself took to Twitter to celebrate and congratulate the group over the verified achievement, posting on Saturday, "Officially verified as the first production electric car to exceed 1000km on a single charge!"

Asked who VW's main competitors are, he said: "In the old world it is Toyota, Hyundai, and the French carmakers". It took the automaker quite a bit of time to get to this level of production (due to early problems with the Model X), but nonetheless, parity has been reached.

On 4 August, in Italy, a Tesla club made an announcement that they're achieved a new record: they drove the Tesla Model S 100D for 670 miles with only one charge. The electric car marker's cash burn, or negative free cash flow, came to $1.2 billion in the second quarter - nearly double the $622 million spent in the previous quarter. The company currently produces around 100,000 cars per year in total, but hopes to reach 500,000 by the end of next year.

Tesla said last week that it had 455,000 net pre-orders for the Model 3, which has a $US35,000 base price, and that the sedan was averaging 1,800 reservations per day since it launched late last month. Depending on who you ask, Tesla reportedly spends anywhere between just under $30,000 and up to $80,000 to build a Model 3.

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