In push to get Model 3 to masses, Tesla starts raising cash

Last week, Tesla Chief Executive Elon Musk said investors should have "zero concern" about whether Tesla will be able to make 10,000 Model 3s per week by next year. During Tesla's quarterly earnings call Musk said "Those cancellations occurred over the course of more than a year".

Tesla will only build the $49,000 310 mile range Tesla Model 3 with upgraded interior version until at least November.

Tesla has been very positive about its Model 3 car since its announcement because this would be the first mass market car of the company.

Moody's disagreed and said Tesla faces "significant risks" as it attempts to take production to that level: "This targeted plan could put full-year production in excess of 350,000 units".

Goldman Sachs, Morgan Stanley, Barclays, Bank of America-Merrill Lynch, Citigroup, Deutsche Bank and RBC were some of the institutionals participating in the fund-raising round.

That's still part of the plan, Musk said Wednesday.

Tesla Inc. claimed that it gave almost 47,100 SUVs and electric sedans in the quarter one and quarter two of 2017, at the lower end of its own estimates. The car maker is turning to the junk bond market for help with financing the expansion.

In a press release Monday morning, Tesla Inc.

On the back of its production ramp, Telsa's cash burn is expected to reach US$2bn this year. With the lower prices also come more features, as the both variants start to get more options formerly reserved to the higher-end models of the cars.

Tesla has been using a combination of equity offerings and convertible bonds to raise cash for its operations. Tesla has total debt of around $8.2 billion, $4.7 billion of which is long-term debt, according to FactSet.

The event, from 5 p.m.to 8 p.m.at the dealership on U.S. Route 9W, will include General Motors representatives. It most recently raked in $1.2 billion through a May offering.

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