London — Elon Musk may need to tap capital markets for more than $10bn by 2020 to fund Tesla’s car-making operations, new products, and an expected expansion into China, according to Goldman Sachs. While Tesla has access to new bonds, convertible notes or equity to fund its growth, each of these choices has downsides for investors, Goldman analyst David Tamberrino said in a research note on Thursday. "We see several options available to the company to refinance maturing debt and raise incremental funds, which should allow Tesla to fund its growth targets," Tamberrino wrote. "However, issuing incremental debt (including priming current creditors with secured debt) may weigh on the credit profile of the company, while issuing additional equity or convertibles at lower premiums would dilute current shareholders." Musk, who co-founded the electric vehicle (EV) maker and serves as Tesla’s chairman and CEO, is furiously cutting costs to avoid raising capital this year, even cutting off an...

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