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PALO ALTO, Calif. (AP) – A week after recording a huge loss in the first quarter and declaring that the company needed to collect cash, that's what the Tesla does. and convertible notes.
Tesla announced Thursday that it would offer $ 650 million of common stock and $ 1.35 billion of convertible senior bonds, maturing in 2024, in two separate offers.
The company expects gross proceeds of approximately $ 2.3 billion, before discounts and charges.
Last week, Tesla announced that its cash balance at the end of the first quarter had been reduced by $ 1.5 billion since December, to $ 2.2 billion. Musk said during a conference call that Tesla may need to raise funds again.
Tesla lost $ 702.1 million in the first quarter, one of the worst quarters of the company in the past two years. Its sales fell by 31% over the period. Musk predicted another loss in the second quarter but said Tesla would be back in the dark in the third quarter. The first quarter loss came after two consecutive profitable quarters, the first time in 15 years of Tesla's history.
Tesla has lost more than $ 6 billion since its drive to revolutionize the auto sector, but Musk plans a profitable future, fueled in part by a stimulus service consisting of electric cars driven by robots.
Shares of Tesla Inc. jumped 5% before the opening bell.
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