Tesla, as usual, has not revealed many details about the new 100 kWh battery except to say it is close to the theoretical maximum power that can be squeezed into the space available in the Model S and Model X battery chassis.
"Such additional funds would be used primarily for tooling, production equipment and construction of the Tesla's Model 3 production lines, equipment to support cell production at Tesla's Gigafactory, as well as new Tesla retail locations, service centers and supercharger locations", Tesla said. The revelation comes as part of the electric vehicle maker's planned SolarCity merger, which is now reportedly valued at $2.6 billion.
Tesla Motors Inc closed down -4.79 points or -2.18% at $215.2 with 32,66,334 shares getting traded on Monday. Now that they've acquired regular funding and they've established their position on the market, the company can move on to even more affordable models and a wider market coverage.
Tesla are indeed in traducing a new battery model with the new vehicle, called the P100D, which is claimed to perform significantly better than anything we've seen so far by the company.
Recently, the company made a decision to use Hankook Tire products in the Model 3.
However, auto makers all over the world are coming up with new ideas and concepts with their own electronic vehicles.
Tesla also is seeking funds because it has to pay $422 million to bondholders in the current quarter, according to the filing. Luckily, one instagram user posted a photo of what might be Tesla Model 3's interior.
Furthermore, over the long haul, Tesla will need to prove to regulators its driver-assist systems are significantly improving safety.
Recommended article:Tesla Motors: Buy Or Sell?
In the meantime, Tesla's cash position has deteriorated, despite a US$1.7 billion equity raise on May 19. Therefore it was of utter importance that Elon Musk and his company managed to tweak the batteries and change the mile range from 200+ miles to just over 300 miles.
According to reports, Tesla closed the second quarter of this year with nearly $3.25 billion in cash, but the automaker is reportedly left with approximately $2.15 billion after it repaid a credit line and a redemption of $422 million in convertible notes.