I predicted the first two. Should have predicted the third one (it was known already) but didn't.
This is why I was pretty sure Tesla wouldn't be raising equity during Q1, and possibly not until Model 3 is coming off the line. They've figured out how to get other sources of capital. Cheaper capital. I calculated that they had about $1 billion in capacity which would not be needed for debt repayment for a year as of the end of Q3, and they said that they were going to spend about $1 billion on capital equipment in Q4. The Panasonic investment takes care of the Buffalo factory. So the latest raise in credit and equity sale gets them $750 million to spend on Model 3 in Q1. Plus whatever profits they make in Q4.
The ABL revolving lines are a near-infinite supply of lending for Tesla as long as they keep spending on *capital equipment*, which is most of Model 3 production setup. (Everything they buy is more collateral and allows them to increase the credit line.) This is why I really don't think they will need to raise equity before Model 3 is out.
It does mean that Tesla could end up quite highly leveraged. I do worry a bit about the potential effect of a rise in interest rates, since they're variable-rate borrowings. And I think Tesla will have to pay down debt sometime in late 2017, 2018 or 2019 to stabilize the debt/equity ratio, which may call for a stock dilution. Hopefully at a much higher stock price than today.