Tesla recently issued $780 million in bonds against its auto leases at a better rate that anticipated, as reported by Market Watch.
High investor interest is the reason Tesla received a better rate than anticipated. The stock has gained over 500% in the last year alone.
TSLA Price Action: Tesla shares were down 3.85% at $1,430.20 at last check Friday.
Benzinga's Take: This is great news for Tesla. A rapidly growing company needs cash, and although Tesla has $8.5 billion on hand, more capital won't hurt — especially during a pandemic.
It's a strange time for the markets as millions of job losses are reported at the same time that large tech companies are posting record profits.
This cash can support Tesla's ambitious goals of building car factories in Berlin and Texas.
Photo courtesy of Tesla.
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