Tesla Inc on Thursday announced plans to raise $2 billion (£1.54 billion) in a s...
- Tesla Inc on Thursday announced plans to raise $2 billion in a stock offering, tapping into an astronomical jump in its share price over the past few months and reversing the electric-car maker’s often-stated policy of avoiding sales of new stock.
Tesla’s shares were down roughly 1% in morning trading, retracing losses after sliding as much as 7% in premarket trading. The stock has tripled since October when the company posted a rare quarterly profit. Its market capitalization now exceeds the combined value of General Motors Co and Ford Motor Co.
Tesla is also working on an electric pickup truck, a new generation of the Tesla Roadster, an electric sports car, and automated driving features. The company did not immediately respond to a request for further comment on how to reconcile Thursday’s announcement with Musk’s previous statements. Tesla, whose outstanding debt was $13.42 billion at the end of 2019, posted its second quarterly profit in a row in January and said it would comfortably make more than half a million cars this year.
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