Tesla is looking to add to its cash reserves to ensure the Model Y hits the market early next year.

Less than two weeks after saying Tesla likely would not seek to raise more money even though the time was right, CEO Elon Musk led the charge to raise $2.3 billion to bolster the California-based EV maker’s cash reserves.

The company launched issues of new shares and debt worth about $2.3 billion on Thursday, with Musk adding $10 million of his own as investors and analysts wondered how the company would be able to meet all of its goals without the extra cash.

In a filing with the Securities and Exchange Commission filing, the EV maker said it plans to raise $650 million through new shares and tap the debt markets for an additional $1.35 billion. The underwriters have the option to buy an additional 15% of each offering, which would bring the total to $2.3 billion.

The company has a lot on its plate this year with plans to increase its build numbers for the Model 3 as well as the introduction of the new Model Y sport-utility early next year as well as the company’s semi truck.

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“This was a smart move by Musk and Tesla to rip the band-aid off and go to the capital markets,” said Dan Ives, Wedbush Securities analyst, in a note.

Tesla's Elon Musk said during the company's Q1 earnings call that it was a good time to go to the markets to raise cash.

“The growing worries around capital were a black cloud over the stock on the heels of the company’s troubled March results and the choppy path ahead.”

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The company lost about $700 million in the first quarter of this year, but Musk predicted the EV maker would be back in the black by the third quarter.

Tesla expects capital expenditures of $2 billion to $2.5 billion this year and about $2.5 billion to $3 billion annually for the next two fiscal years, according to its quarterly report. It ended its first quarter with $2.2 billion in cash.

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Analysts said last week that the company would probably seek between $1 billion and $3 billion, according to Reuters. However, they also suggested it would cost the company more than it would have if they had done it at this time last year.

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