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Tesla to raise more than $1 billion ahead of Model 3 launch

Tesla's CEO, Elon Musk, has announced its intentions to raise $1.15 billion dollars through common stock and convertible senior notes before it launches the Model 3. After reviewing their financial plan they stated that although it was not necessary to raise any capital, they felt that it was best to do this in order to reduce risk for their shareholders.

The Model 3 is Tesla's first mass-market vehicle priced at $35,000 before federal tax incentives. The vehicle manufacturer began preparing their factory in Fremont for Model 3 production in February and deliveries are expected to begin by the end of this year.

Tesla plans to produce 5,000 Model 3 vehicles per week at some point in the fourth quarter, Musk said during the company's fourth-quarter earnings call. The manufacturer will increase production to 10,000 vehicles per week at some point in 2018.

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