Tesla recalls 15,000 Model X SUVs for power steering issue
Tesla recalls 15,000 Model X SUVs for power steering issue
Tesla Model X | Image Tesla
14 February, 2020, 07:11
In fact, in mid-afternoon trading the stock is up 5%, or $38.75 to $806.04.
"It doesn't make sense to raise money", Musk said during a January 29 earnings call when an investor asked why Tesla does not take advantage of its favourable share price to accelerate production.
In the filing, Tesla noted that CEO Elon Musk has indicated an interest in purchasing up to 13,032 shares valued at approximately $10 million and Tesla board member and Oracle CEO Larry Ellison indicated interest in acquiring 1,303 shares valued at approximately $1 million. "As such, we would argue that TSLA should try to take even greater advantage of the stock price, raise a larger amount of equity to enable more of 're-capitalisation of the company and have enough to fund their growth ambition".
The underwriters will get an option to buy up to $300 million in additional shares. "Diluting the company to pay down debt doesn't sound like a wise move".
The decision to raise money will come as a shock to some investors following Musk's previous comments, Wedbush analyst Daniel Ives said in a note.
Tesla will be launching plenty of new products, including the Model Y SUV, its big Semi, and the Cybertruck shown here, all of which cost money.
Tesla Model X steering wheel. | Image Tesla
Musk also said Tesla needed to produce more batteries to increase vehicle production, adding that some projects like its electric semi-trailer truck program could not proceed without battery improvements. Tesla said it will use proceeds from the offering "to further strengthen its balance sheet, as well as for general corporate purposes". Tesla reported US$1.33 billion of expenditures for all of previous year, well below its initial plan for as much as US$2.5 billion.
Additionally, the company petitioned the Chinese government to build longer-range Model 3 sedans at its new plant in Shanghai.
Californian auto maker Tesla is going to restart production of the previously discontinued Long Range, rear wheel drive Model 3 - but this time, at its Shanghai Gigafactory 3 in China. The current iteration can travel about 250 miles on a single charge.
The cars that are being recalled include mainly Model X vehicles built before mid-October 2016.
As per the NHTSA and Transport Canada, the problem involves the aluminum bolts that attach the electric power steering gear assist motor to the gear housing, as they may corrode and break.
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