UPDATE 1-Tesla raises borrowing capacity for car leases to $1.1 bln [Reuters]
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Source: Reuters
UPDATE 1-Tesla raises borrowing capacity for car leases to $1.1 bln | Reuters Reuters Staff 1 Min Read (Gives details on how company will use borrowing) Oct 20 (Reuters) - Tesla Inc said on Friday it has increased its borrowing capacity for a car lease program to $1.1 billion from $600 million. The move comes as the electric car maker spends heavily to fix production bottlenecks of its new Model 3 sedan. The company increased the borrowing capacity under certain warehouse agreements, the company said in a filing. ( bit.ly/2yx2P58 ) A spokesman said it was related to Tesla's car lease program. In August, Tesla said it would raise about $1.5 billion through its first-ever offering of junk bonds as it seeks fresh sources of cash to ramp up production of its new Model 3 sedan. (Reporting by Laharee Chatterjee in Bengaluru; additional reporting by Peter Henderson; Editing by Shounak Dasgupta and Cynthia Osterman) All quotes delayed a minimum of 15 minutes. See here for a complete list o
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