From Investor's Business Daily:
Tesla Expands Credit Lines After Elon Musk Said New Funding Not Necessary
Tesla Motors (TSLA) beefed up its credit lines by $500 million or more as it moves toward producing its Model 3 vehicle next year, the electric carmaker said Tuesday.
Tesla expanded a credit line from Deutsche Bank to $1.2 billion from $1 billion, with rights to expand that by another $50 million, the company disclosed in an SEC filing. Tesla's finance division also doubled a separate credit facility to $600 million.
Two months ago, Elon Musk, speaking on Twitter (TWTR), stressed that it "won't be necessary to raise equity or corporate debt in the fourth quarter.
Tesla has done neither, instead widening its credit lines, and it's not evident that the move was "necessary." But it comes as no surprise that Tesla would need to boost funding to pay for its entry-level Model 3, especially with its newly acquired SolarCity a likely drain on cashflow....MORE