Tesla Model S Has Been Driven 670 Miles with Only One Charge

Tesla Model S Ferrari 458

Tesla Model S Ferrari 458

Tesla Inc (NASDAQ:TSLA) is enlisting the investing public's help to fund production of its latest line of electric vehicles.

Tesla burned through $1 billion in the second quarter preparing for the arrival of the Model 3, which is central to the company's growth strategy and broader goal of popularizing electric cars. The new $1.5 billion offering, which will be senior unsecured debt, will bring total debt to approximately $9.6 billion. "As we've achieved efficiencies, we are able to lower the price and pass along more value to our customers", Tesla said at the weekend, announcing it had lowered the previous $82,500 starting price of the vehicle by $3,000. And Tesla stock has marched higher, driven by the cheers of the TSLA bulls.

Now Tesla has handed down the keys to the first happy owners - 30 of them - during an event at the Fremont, California production facility.

Capital expenditures in the second half of 2017 are expected to be $2 billion, which would consume much of the $3 billion in cash that Tesla had at the end of June.

The company's stock has added about 67% for the year to date, after peaking at a year-to-date gain of almost 80% in mid-June.

Tesla recently began its production of the estimated 500,000 Model 3 pre-orders that it has received since it was announced a year ago.

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TSLA stock, which has risen some 14% over the past month, is hardly reacting to Monday's announcement, down just fractionally after a few hours of trading.

The company said this month that 518,000 customers have put down $1,000 deposits for the vehicle since March 2016.

Tesla does have cash holdings of $3bn, but the project is thought to be placing a strain on its finances.

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products.

The Model 3 base unit costs $35,000, which is about half the price of Tesla's next-cheapest auto, the Model S. While Tesla believes the lower price point would enable it to become more mainstream, analysts worry about the impact on margins, which already are under pressure. This is the first time Tesla has offered a junk bond, and the risk of rapid Model 3 expansion is reflected in analyst commentary. Musk plans to add a semi truck to the lineup after the Model 3 and has said that will be unveiled in September.

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