Tesla is selling $2 billion of its stock to finance the increased production capacity needed to meet the demand for its new Model 3 car.
The Model 3 is expected to hit roads by the end of 2017. With a starting price of $35,000, it will be Tesla’s first mid-priced vehicle. Tesla’s other two vehicles, the Model S and Model X, cost at least $70,000.
About 325,000 customers placed orders for the Model 3 in just one week and, as of May 15, it has received a total of 375,000 orders.
