Running an automaker isn't cheap, especially one with the towering aspirations of Tesla. Among the expenses, the company has at least two models under development with the forthcoming Model X crossover and less expensive Model 3, and there's still the Gigafactory to complete as well as more Superchargers to install, some with solar roofs. A recent jolt of funding from a $500-million line of credit should help keep things humming along, though. Under certain criteria the loans can even increase up to $750 million.
The fresh backing comes from some of the biggest names in finance, including Goldman Sachs, JPMorgan Chase, Morgan Stanley, and others, according to Fortune. Tesla can borrow and pay back the money as it needs the funds, but the loans must be repaid in five years. The automakers assets are backing up the credit.
With so much work to be done, Tesla reportedly plans to spend $1.5 billion in 2015 alone, according to Fortune. The automaker is no stranger to paying back loans, though. In 2013, the company paid back the $465 million borrowed from the Department of Energy early and with interest.
The fresh backing comes from some of the biggest names in finance, including Goldman Sachs, JPMorgan Chase, Morgan Stanley, and others, according to Fortune. Tesla can borrow and pay back the money as it needs the funds, but the loans must be repaid in five years. The automakers assets are backing up the credit.
With so much work to be done, Tesla reportedly plans to spend $1.5 billion in 2015 alone, according to Fortune. The automaker is no stranger to paying back loans, though. In 2013, the company paid back the $465 million borrowed from the Department of Energy early and with interest.
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