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Tesla news: It raises $1.46B amid production boost; startup using Model 3 to lure workers

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Troy Jones
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Tesla raised $1.46 billion in the stock sale it announced earlier this week, raking in fresh capital to help pay for its ambitious goal of producing 500,000 cars annually by 2018.The shares were priced at $215, according to a prospectus supplement filed Thursday.

The Palo Alto electric car maker offered about 6.5 million shares and CEO Elon Musk sold nearly 2.8 million shares.Reuters notes that Tesla has raised $4.5 billion in debt and equity offerings in the past six years, when it raised $226 million in its June 2010 IPO.

The company has gone back to the markets to raise capital several times ; in August 2015 the company sold stock at a price of $242, raising $738 million.Tesla is ramping up production amid unprecedented demand for its vehicles.

The company has boosted its 2016 capital spending forecast to about $2.25 billion; it had about $1.44 billion in cash as of March 31.Tesla shares are up about 1 percent to $217.50 today.In related news, Reuters is reporting that some suppliers are skeptical about Tesla s production goals, which Musk himself has referred to as aggressive.

Among the reasons analysts and supplier executives are raising doubts, according to Reuters: The design and specifications of the Model 3 sedan hasn t been finalized, although Musk has said that will happen next month.

Photo: The Tesla factory complex in Fremont, Calif., on Thursday, Jan. 28, 2016.

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