Tesla Motors Inc. (TSLA) has announced a 500 million dollars stock offering. According to the company release this public offering will accelerate the growth of Tesla Energy, development of the new Model 3 and the Gigafactory.
Underwriters for this offering are Goldman Sachs, Morgan Stanley, JP Morgan Chase, Deutsche Bank, Bank of America and Wells Fargo.
Elon Musk, the CEO of the company, will buy shares worth 20 million dollars. The company made the IPO in June 2010 and raised capital worth 226 million dollars. After that the company has raised debt offerings including also the credit line of max 750 million dollars in June 2015.
According to the company interim report in early August 2015 the company said it will expand its network of Tesla Stores, service centers and Supercharges. The new model of Tesla car, the Model 3, is expected to the markets during 2016 and the world´s largest battery manufacturing facility is expected to be ready during 2017. The factory is based in Nevada and the initial investment of the facility and equipment was 5 billion dollars.