Cash-burning Tesla says it will not need to raise more money this year
Southfield — Tesla sought to squash any speculation it might need to raise more capital this year on Tuesday, driving the company’s battered shares higher as it announced it built 2,020 of its cheaper Model 3 sedans in the past seven days. Tesla shares jumped as much as 6.9% in early trade on Tuesday, recouping a third of its losses from a week dominated by bad news about its credit rating and a crash involving a car using its semi-autonomous driving technology. The stock closed the day 6% higher. But with the company again missing its own 2,500 target for weekly production at the end of the first quarter, doubts remained among analysts and fund managers about Tesla’s ability to keep production growing to a promised 5,000 Model 3s per week in three months’ time. Musk’s $50bn company, involved in a raft of projects ranging from trucks to a Roadster sports car and a factory in China, said it would also churn out 2,000 of the Model 3 cars next week and promised output would climb rapid...
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