Skift Take
The electric-car maker hopes to gain over $200 million to speed along the delayed production of the Model S; a delay that has already caused some 1,000 order cancellations.
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Electric car maker Tesla Motors needs money — soon — to continue developing its cars, building its Superchargers and expanding its retail outlets. It plans to publicly sell shares that could bring in up to $221 million.
Tesla is five weeks behind schedule on the Model S production. Photo by Dennis Crowley.
Another indicator that Tesla needs considerable funds in the short term: Tesla asked its first several thousand customers on its reservation list (it’s had 13,000 reservation holders in total) to configure their cars for delivery (basically commit to buying them) or risk losing their production slot. Tesla doesn’t record revenue until the Model S is actually delivered.