Hyperdrive
Tesla Eases Cash Concerns With Promise of Model 3 Progress
- Carmaker expects rapid increase in production this quarter
- Equity or debt raise isn’t required this year, company says
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Tesla Inc. sees progress ahead for the mass-market sedan that keeps falling short of targets and said a capital raise won’t be required this year, spurring a partial rebound for the electric-car maker’s battered shares and bonds.
The company led by Elon Musk built 2,020 Model 3 cars in the last seven days, trailing its target for a 2,500-unit rate for the final week of March. Tesla delivered 8,180 of the sedans in the first three months of the year, missing analysts’ average estimate for about 8,800 units in a Bloomberg News survey.