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PALO ALTO, Calif. (AP) – A week after revealing a huge loss in the first quarter and the need to raise money, Tesla is doing just that: CEO Elon Musk has bought $ 10 million worth of new shares offered in the context of an offer of shares and debt securities. that could bring in more than $ 2 billion.

Tesla announced Thursday that it sold $ 650 million of common shares and $ 1.35 billion of convertible senior notes, maturing in 2024, in two separate offers. The Company offers the underwriters a 30-day option to purchase up to an additional 15% of each investment.

This would amount to approximately $ 2.3 billion, excluding discounts and expenses, and if the underwriters fully exercise their options.

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.

The offer will provide sufficient liquidity to pay $ 566 million in notes maturing in November, as well as cash to expand the distribution of Tesla's Model 3 in Europe and cover the expenses resulting from lower demand for three models of Tesla in the United States. Vice President Bruce Clark said Thursday in a statement.

Nevertheless, Moody's maintained a negative outlook and a B3 rating on Tesla's debt. It's six notches below the investment category.

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In a March 30 note, the rating agency wrote that Model 3, Tesla's lowest-priced model, is currently selling at an average of $ 55,000. To increase sales, the price must drop to around $ 42,000 and to earn enough money to pay the bills, Tesla has targeted a 25% gross profit margin on Model 3, Moody said. According to Moody's, the gross profits of a model 3 at $ 42,000 are "substantially" less than 25%.

"To achieve this margin target, the company will have to make significant reductions in fixed and variable costs associated with the vehicle," wrote Moody's. "We expect it to be a major challenge for Tesla to aggressively increase production / deliveries, shift the product mix to the $ 42,000 price level and simultaneously reduce sufficient to achieve the 25% gross margin target. "

Tesla, of Palo Alto, Calif., Lost $ 702.1 million in the first quarter, one of its worst quarters in two years. Sales fell 31% over the period. Musk predicted another loss in the second quarter but said Tesla would be profitable again in the third quarter.

This surprisingly large loss followed the first few quarters of profitability of the company.

Tesla has lost more than $ 6 billion since its desire to revolutionize the auto industry. Musk expects future profits to be driven by higher sales and the arrival of autonomous vehicles dedicated to a new chairlift service.

Shares of Tesla Inc. closed Thursday up 4.3% to $ 244.10.

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