Tesla Expands Borrowing Capacity Amid Costly Work Toward Model 3
A Tesla Motors Inc. Model 3
Photographer: Troy Harvey/BloombergThis article is for subscribers only.
Tesla Inc. boosted its ability to borrow for the second time in about six months, as Chief Executive Officer Elon Musk spends heavily to bring his cheapest electric car yet to market.
The company expanded credit agreements by a combined $800 million to $3.825 billion, according to a regulatory filing Friday. Tesla boosted its credit lines in December and raised money with equity and debt offerings in March to bolster its balance sheet before starting production this summer of the more affordable Model 3 sedan.