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There has been no shortage of enthusiastic investors willing to write checks to fund Tesla’s efforts to make electric cars mainstream.
A Securities and Exchange Commission filing shows that the company sold $1.8 billion worth of eight-year unsecured bonds at a yield of 5.30 percent in a recent oversubscribed offering. Tesla initially targeted $1.5 billion, but upped the offering due to demand, Reuters reported.
Proceeds will will be used to support production of the Model 3, which is Tesla’s attempt to bring an affordable electric car to a mass market. The company hopes to ramp production to 500,000 cars in 2018.