Tesla looking to raise additional funds for Model 3 production

Tesla Motors is looking to raise additional money to help fund the development and production of the forthcoming Model 3.

According to a report from Reuters, a filing with the U.S. Securities and Exchange Commission shows that the electric car manufacturer is planning to raise the money through an equity or debt offering.

The extra money will reportedly be used to support the production of the Model 3 sedan, a more affordable option from Tesla that will be priced at $35,000 and is expected to go into production next year.

Additionally, the extra funds will be needed to expand Tesla’s gigafactory, which the manufacturer hopes will produce batteries for use in its Model 3 production vehicles.

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