Tesla said it would sell around $5 billion worth of shares, ahead of its debut on the S&P 500 month.
The electric carmaker mentioned the 'at-the-market' offering and that the share will be sold “from time to time” in a filing with Securities and Exchange Commission. Tesla’s market capitalization is $598 billion – so, the new offering represents less than 1% of the company’s value.
Tesla plans to spend $2.5 billion in 2021 and 2022, especially on new factories and expansion, including battery cell manufacturing.
Data from the China Passenger Car Association showed Tesla sold 21,604 China-made vehicles last month in China, nearly double the October total and well ahead of the 11,329 sold in September.