Its stock going gangbusters, Tesla plans $2bn share sale

Its stock going gangbusters, Tesla plans $2bn share sale”

We expect to receive net proceeds from this offering of approximately $2.01 billion (or approximately $2.31 billion if the underwriters exercise their option to purchase additional shares in full) after deducting the underwriting discounts and our estimated offering expenses.

The EV maker's stock price has increased dramatically - by triple - in the last four months, presenting an opportunity too grand to ignore. Its profit and revenue in the last three months of 2019 topped estimates and the company said 2020 deliveries should comfortably beat projections amid demand from new customers.

Tesla Inc made an about-turn on Thursday by announcing plans to raise $2bn in a stock offering as the electric vehicle maker taps into an astronomical jump in its share price in the past few months.

CEO Elon Musk will buy as much as $10 million of the shares and board member Larry Ellison, the founder of software giant Oracle, will take another $1 million of them, according to a regulatory filing.

Tesla raised about $2.3bn in May to start production in China and spend on developing new models, including the high-volume Model Y SUV and a Semi commercial truck, whose launch has been delayed due to a lack of battery production capacity.

More news: Astronaut welcomed home by excited pooch after a year in space

Californian vehicle maker Tesla is going to restart production of the previously discontinued Long Range, rear wheel drive Model 3 - but this time, at its Shanghai Gigafactory 3 in China.

As of Tuesday's close, the company's market value stood at $139.6 billion, making it the second most valuable automaker in the world behind Toyota. Additionally, the company is in the process of building a new Gigafactory in Germany, outside of Berlin.

"Despite this comment, we believe this is the correct thing for TSLA to do taking advantage of the recent surge in the stock price". Analysts said the funding will shore up Tesla's balance sheet, eventually helping long-term investors who are betting on the company's success. Tesla reported US$1.33 billion of expenditures for all of past year, well below its initial plan for as much as US$2.5 billion.

Tesla Inc is seeking approval from Chinese regulators to offer a new China-made Model 3 variant, a government document shows. The aluminum bolts that attach the electric power steering gear assist motor to the gear housing may corrode and break causing a reduction or complete loss of power steering assist.

Like this



14 February 2020
NASA looking to hire more astronauts for next moon mission
Or they could launch on new spacecraft and dock at Gateway, the new spaceship that NASA is planning that will orbit the moon. NASA has announced its graduate degree in engineering, physics, computer science, biology and mathematics as a prerequisite.

14 February 2020
Caught on camera: Man being placed under arrest body slams OH officer
When officers got there, they say Harris was intoxicated and did know where he was or know anyone in the area. Video shows a man identified as Harris lifting an officer and slamming him to the pavement in a parking lot.

13 February 2020
Amber Rose Says Kobe Bryant's Death Inspired Face Tattoo
Amber Rose's new face tattoo that runs all across her forehead made its big debut last week. It's just like - with no regrets.

13 February 2020
Barnes & Noble Cancels 'Diverse Editions' Classic Literature Covers Following Backlash
But the initiative to mark Black History Month received a swift backlash with authors calling it superficial. Just a thought [sic],' tweeted Angie Thomas, author of The Hate U Give .

13 February 2020
Pine Island Glacier spawn PIGlets | Today's Image
An image from the Copernicus Sentinel-2 satellite was taken on February 11 showing the cracked iceberg at the edge of the glacier. Only one of the pieces was large enough to be named (B-49) and tracked by the United States National Ice Centre.

13 February 2020
Fallen trees close Cannock Chase bike trails amid Storm Dennis warnings
Friday's weather forecast is somewhat calmer, before high winds once more on Saturday, Sunday and Monday, reaching up to 85 km/h. Winds are not likely to be as severe across the Anglia region although gusts are likely to be 50-55mph quite widely.

13 February 2020
Some coronavirus testing kits are defective, CDC says
This is the first person under quarantine at JBSA-Lackland who had symptoms and tested positive for coronavirus , the agency said. The patients did not infect one another, and fewer people who have been in China are now coming back to the US.

13 February 2020
'Grounds for optimism': global carbon emissions level out despite growing economy
Japan's emissions fell by 45 million tonnes, or around 4 per cent, as output from recently restarted nuclear reactors increased. Other factors included milder weather in several countries, and slower economic growth in some emerging markets .

13 February 2020
Michigan State to hire Colorado's Mel Tucker as football coach
He was defensive backs coach at Ohio State from 2001 through 2003 before being promoted to the Buckeyes' co-defensive coordinator. Tucker interviewed with Michigan State's search committee on Saturday in Colorado, but removed his name from consideration.

13 February 2020
Trevor Bauer destroys Rob Manfred over radical Major League Baseball postseason proposal
MLB is seriously weighing a move from five to seven playoff teams in each league beginning in 2022, The Post has learned. The final matchup would pit the wild-card victor with the best record against the wild-card team not yet chosen.