Tesla must have decided $2.3 billion wasn’t enough: The company wants to raise even more money than it originally planned for just one day ago.
In a set of regulatory filings with the Securities and Exchange Commission, Tesla said Friday that it wants to raise up to $2.7 billion through a combination of selling debt and issuing new company stock — or $400 million more than what it said Thursday it was hoping to raise.
Tesla is loading up on cash because the electric carmaker has several big, crucial plans in the works. In addition to ramping up production of its Model 3 sedan, it is preparing to launch its Model Y crossover SUV for deliveries starting in late 2020. The company is also building a massive production plant in Shanghai, which CEO Elon Musk has said will be capable of producing as many as 500,000 vehicles a year.
Musk also raised his personal investment in Tesla. According to Friday’s SEC filings, Musk now intends on purchasing $25 million worth of Tesla stock, up from the $10 million in shares that Tesla said on Thursday he would acquire.
Tesla’s plans to raise more capital have found favor among investors, as the company’s shares have risen more than 7%, to $251, since Wednesday’s stock market close.
