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Tesla Motors discloses $1.1 bln in cash needs

During the previous three months, the company finished the design of its new vehicle the Model 3, a stylish sedan.

Tesla Motors recently disclosed $1.1 billion in third-quarter cash needs in their filing.

Tesla Motors needs more money for covering the disclose in $1.1 bln in the third-quarter 2016.

Chief Executive Elon Musk earlier this week had repeated a projection that if the deal is consummated, the combined Tesla-SolarCity could require a "small equity capital raise" next year.

Tesla President Global Sales and Service, Jon McNeil, continued saying that Tesla is investing in the markets like Australia and Germany, building new teams, and preparing for "expanded product installation and distribution".




It said in the filing that it had $3.25 billion in principal sources of liquidity as of June 30, 2016, including $1.7 billion from a public offering in May and a $678 million credit line.

Revenue for this quarter was $1.3 billion, higher than the same period a year ago. The credit line, as said by the filing, had been repaid in July.

Teslas adjusted net loss of $150 million, or $1.06 per share, fell far short of analysts estimate of a 59-cent loss, according to FactSet. More amount could be spent on securities. The company said it was making 2,000 vehicles per week by the end of the second quarter, and believes it can crank that up to 2,200 vehicles by the end of the third quarter and 2,400 vehicles by the end of this year.

Teslas second-quarter loss grew almost 60 percent to $293 million as it delivered fewer vehicles than planned. While GAAP mandates lease revenues to be recognized throughout the life of the lease, Tesla reports a non-GAAP set of numbers in which the company recognizes lease revenues as upfront revenues. The agencies that have sent these requests include Securities and Exchange Commission and the National Transportation Safety Board.

Tesla is now completing construction of a battery factory dubbed the "Gigafactory" in Nevada and intends to increase production next year of a new mass market sedan, the Model 3, all pointing to an increase in spending. It was unclear from the filing whether the reference to the SEC related to the crash or another matter, and Tesla declined to comment further.

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