Today: Tuesday, 23 April 2024 year

Tesla Motors discloses $1.1 bln in cash needs

Tesla Motors discloses $1.1 bln in cash needs

Tesla Motors needs more money for covering the disclose in $1.1 bln in the third-quarter 2016. Such an amount is about a third of the cash on hand mid-year, earlier Elon Musk’s company never needed so much.

The electric vehicle maker Tesla Motors is experiencing needs fo more cash, the market of electric cars isn’t so vivid as it planned to be, plus, the company is finishing construction of Gigafactory. It’s a massive battery factory in Nevada, it’ll cover needs of drivers in the batteries for their Teslas.

Next year Tesla is going to produce a mass market sedan, the Model 3, and the investors are concerning about financial issues due to all above-mentioned issues. Will Tesla Motors need to raise new cash to reach its goals?

According to financial reports, Tesla had $3.25 billion in principal sources of liquidity as of June 30, 2016. That includes $1.7 billion from a public offering in May and a $678 million credit line. Tesla motors informed last week  it planned $1.75 million in the second half of the year on capital expenditures.