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Tesla said to boost bond sale to $1.8B for Model 3
14 August 2017, 12:42 | Ruby West
3 must-read Elon Musk quotes from Tesla's earnings call
Musktold analysts in May that the Model 3 will require just 5,000 feet of wiring.
Tesla CEOElon Musk previously said the Model 3 can't fit a battery larger than 75 kwh, which indicates that the 80.5 kwh figure is likely the battery's maximum capacity. Although the new gear includes a secondary node to enable more computing power, a spokesperson says 2.5 is really about adding "computing and wiring redundancy" that "very slightly" boosts reliability, Engadget said.
But even as Friday's deal seemed to be going well, many fixed-income accounts expressed some scepticism about a deal from a company that has been burning through cash.
"Sources talking to Fred Lambert of Electrek commented that Elon Musk recently stated that Gigafactory 1 in Nevada is "...already producing more batteries than any other factory in the world".
It was part of a four-day road trip Tesla is taking to bring in high-yield junk-rated bonds needed to build 500,000 new vehicles next year.
However, as Tesla's quarterly earnings performance shows, it may finally be time for TSLA stock bears to set Musk's irritable inaccuracies aside and re-examine their stance on the company.
The result: Buyers of these unsecured, high-yield bonds could find themselves buried under a mountain of newer, higher-priority debt sold in the future. A performance focused variant of the auto, which will inevitably house a larger capacity battery - is also on cards.
The capital raise comes sooner than some expected. Let's say you placed an order for the Model 3 back in November a year ago.
Tesla had issued four convertible bonds to date - the company now has US$3.3bn outstanding - but it has never before accessed the public unsecured bond market. If successful in ramping the Model 3, Tesla's sales will rise from $7 billion in 2016 to $22 billion in 2018, at which point a middle-income family will be able to afford an electric (and eventually autonomous) vehicle. Musk offhandedly dismissed concerns about Tesla Model 3 cancellations - orders now stand at about 455,000 compared to Musk's proclamations to the press of about 513,000 preorders - as inconsequential and that original numbers were "just a guess".
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