Tesla Boosts Credit Lines Again to Aid Elon Musk Expansion
- Electric carmaker’s credit facilities reach about $1.8 billion
- CEO Musk had played down need to expand lines this quarter
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Tesla Motors Inc. increased its borrowing capacity under two credit agreements by about $500 million -- two months after Chief Executive Officer Elon Musk tweeted that raising debt wouldn’t “be necessary” before the end of the year.
Tesla, which last month acquired money-losing solar-roof installer SolarCity Corp. for $2 billion, boosted a credit line with Deutsche Bank AG by $200 million, according to a regulatory filing Tuesday. The company has the potential to add another $50 million to that agreement and increased a separate credit facility by another $300 million.