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Tesla needs more cash to roll out new Model 3 car

10 Agosto 2017

The Model X is now being produced at full clip, alongside the Model S at Tesla's facility in Fremont, California.

Following the announcement, Standard & Poor's reaffirmed its negative outlook for the automaker and assigned a "B-" rating for the bond issue - deep into junk credit territory.

The money will be used to strengthen their balance sheet as production of the Model 3 ramps up, as well as general corporate purposes. "As we've achieved efficiencies, we are able to lower the price and pass along more value to our customers", Tesla in a statement on Friday announcing it had lowered the previous $82,500 starting price of the vehicle by $3,000.

And a German consortium of companies led by Frankfurt-based start-up TerraE Holding GmbH is currently preparing to set up its own 34-watt-hour lithium-ion battery cell production facilities, touted as Germany's answer to the Gigafactory.

The bond sale is the latest in a series of moves Tesla made to pad its coffers this year.

The company spent $1.2 billion in the second quarter preparing for the Model 3's arrival. During Tesla's quarterly earnings call Musk said "Those cancellations occurred over the course of more than a year".

Telsa has received an average of 1,800 advance reservations per day for the Model 3 since its launch in late July. It had $3 billion cash on hand at the end of the June quarter, compared with $4 billion on March 31. The company just announced that it shipped 47,000 cars in the first half of 2017. The Long Range version will hit 60 mph from a standstill in 5.1 seconds.

The agency named "the recent launch of the Model 3, scale of Tesla's battery manufacturing investments, the public perception of its technology, and its access to the capital markets" as positive for the company. By some industry estimates, the carmaker could burn as much as $2bn of its cash reserves this year alone.

Tesla needs more cash to roll out new Model 3 car