Tesla raised $1.2 billion via share and convertible debt sale

Adjust Comment Print

Indeed, if the demand late past year for the Palo Alto, California-based company's Model 3 is anything to go by, it would seem the 373,000 reservations and over 100 million dollars in cash raised from customers is a sure ticket to success as an automotive powerhouse. Anyone who's spent the time wrangling up a new auto knows that it takes a long time to get everything done, between the hard sells for extended warranties and the sheer number of signatures required, especially when financing is involved. However Tesla has already pushed delivery of the Model 3 beyond the original estimate of 2017 to 2018, and it seems it's now a race against its giant debt to build the vehicles and turn a profit.

Tesla will cease taking orders for its cheapest car-the Model S 60 and 60D-starting next month in April, according to Elecktrek.

Nobody likes spending time filling out paperwork, but Elon Musk seems prepared to do something about it.

No one likes to be encumbered by tedious paperwork, which is usually required to be filled out prior to the delivery of a auto. That's an impressive figure to be sure, but it puts a whole a lot of pressure on Tesla to deliver Model 3 vehicles to customers in a timely manner.

The company is planning to produce 5,000 cars per week by the end of 2017. "And you will actually be able to play all of the instructions needed for your auto on your vehicle". These can then be filled out and submitted to the dealership, and consumers can then walk out with their brand new Model 3 vehicle. This will be accompanied by a set of instructional videos, which will enable a customer to get better acquainted with the vehicle beforehand. Musk reportedly said that advanced analytical techniques are allowing the company to skip the usual beta phase. They may be devoted exclusively to delivery, with other centers still taking care of repairs and placing less of a focus on deliveries.

Meanwhile, Tesla's chief financial officer, Jason Wheeler, will leave the company in April to take a job in the public sector after a year with Tesla.