Tesla Expands Credit Lines As Model 3 Launch Approaches

Tesla Motors has boosted its borrowing capacity for the second time in six months as the company is currently spending heavily in order to launch its entry-level Model 3 into the market.

The EV maker has expanded its credit line by a combined $800 million to $3.825 billion, according to a regulatory filing as reported by Bloomberg.

Last December Tesla did the same, raising money with equity and debt offerings in March before starting production of its cheapest electric car yet, the Model 3.

Tesla is expected to put the Model 3 into production this July, with the first owners only capable of choosing the exterior color and size of wheels in a bid to ramp up the production numbers more quickly.

Buyers of the Tesla Model 3 will start next month configuring their cars according to Elon Musk but more choices will be added to the model’s range down the line, such as an all-wheel drive option.

So far we know that the Model 3 will offer a driving range of over 215 miles, a 0-60mph in 5.6 seconds and fewer than 100 configurations for its future owners.

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