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Tesla Raises an Additional $500M in Cash

New funding raises latest effort to $1.1 billion.

by on Oct.23, 2017

Tesla is working on a deal to build its vehicles in Shanghai, which may get accelerated if China eases ownership rules for EV makers.

Tesla Inc. increased its borrowing capacity for a car lease program to $1.1 billion from $600 million, according to a regulatory filing.

The increase in borrowing capacity will give the Tesla the ability to offer consumers better lease deals as it scrambles to break bottlenecks that have dogged production of its newest and most affordable vehicle, the Model 3.

Industry News!

The company increased the borrowing capacity under certain warehouse loan agreements, which are specialized loans to help companies finance inventory, the company said in a filing and a spokesman said financing was related to Tesla’s car lease program.  (more…)