Tesla's First Capital Raise Since 2017 Not a Surprise
Tesla CEO Elon Musk reversed course regarding raising capital on the firm's April 24 earnings call by saying there was merit to the idea. Tesla filed with the SEC on May 2 to raise as much as $2.3 billion in convertible bonds and stock. We are not changing our fair value estimate and think the move was prudent given Tesla's March 31 cash balance declined by about $1.5 billion from year-end to $2.2 billion. The capital raise should also improve negative sentiment in the market that recently pushe...Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and provides services related to its products. The company operates as two reportable segments: automotive, which includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits; and energy generation and storage, which includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, services related to such products, and sales of solar energy system incentives.
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