Tesla’s boss Elon Musk warned that the company would go through “six months of hell” as it stepped up production of the new Model 3, above, to cope with demand Tesla/APIt wants to end the era of the gas- guzzler, but Tesla’s ambition to flood the roads with its first mass-market electric car is guzzling up the cash, forcing the company to raise $1.5 billion in the debt market. The bond offering will mark Tesla’s first foray into the junk bond market. It burnt through $13 million a day in the second quarter and is expected to go through $2 billion altogether this year. Elon Musk, the billionaire entrepreneur and chief executive of Tesla, warned last month that the company would go through at least “six months of manufacturing hell” as it stepped up production of the new Model 3 to cope with demand. However, he reiterated his intention to make 500,000 vehicles next year,…

Source: The Times August 07, 2017 23:03 UTC