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Tesla is seeking to raise nearly $2.7 billion to add to its sagging balance sheet according to a filling. It would offer 3.5 million shares priced at $243 per share and a $1.6 billion convertible debt. Elon Musk will be buying $25 million in shares and currently owns around a 20 percent stake in the company. Wall Street seemed to find this capital raise promising as it boosted shares 1.5% before the opening bell. Analysts were calculating that Tesla, which burned $1.5 billion in Q1-2019 alone, would not have enough cash to continue working on its Model Y crossover and the new Tesla Semi-truck, and also getting production rolling in China. In the backdrop of a sagging US auto market, Tesla has seen demand for its cars soften dramatically in the US over the past two quarters, though demand for EVs in Europe has increased. View full article
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Tesla is seeking to raise nearly $2.7 billion to add to its sagging balance sheet according to a filling. It would offer 3.5 million shares priced at $243 per share and a $1.6 billion convertible debt. Elon Musk will be buying $25 million in shares and currently owns around a 20 percent stake in the company. Wall Street seemed to find this capital raise promising as it boosted shares 1.5% before the opening bell. Analysts were calculating that Tesla, which burned $1.5 billion in Q1-2019 alone, would not have enough cash to continue working on its Model Y crossover and the new Tesla Semi-truck, and also getting production rolling in China. In the backdrop of a sagging US auto market, Tesla has seen demand for its cars soften dramatically in the US over the past two quarters, though demand for EVs in Europe has increased. -
G. David Felt Staff Writer Alternative Energy - www.CheersandGears.com Michigan Blocks Tesla Sales in State, Yet State Invests in Tesla According to the Detroit News, the state of Michigan who two years ago signed into law forcing any company that wants to sell auto's in state must have a franchise to do it, seems to not want to support their own thinking. Detroit News - "Michigan Retirement Fund Boost Stake in Tesla Stock" Seems Michigan just paid $48 million increasing it's stake in Tesla to a state retirement fund holding of 339,623 shares worth $72 million according to the SEC required filing. This represents a .12% of the state $60 Billion retirement fund. What is interesting is this is their second largest holding of auto stocks. First is Delphi Automotive at $94 million, then Tesla at $72 million, Ford at $17 million and GM at $13.7 million. State of michigan owns no stock in FCA. Interesting part of the story is that Tesla has applied for a state license for a dealership. State rep Aaron Miller has introduced legislation that would allow dealerships to be owned by manufactures. Seems a bit contradictory to say the least. Read the full posting at the Detroit News.
