Breaking News

Tesla’s 10-Q SEC Filing

Seeking Alpha’s news team did a great job with the summary, as written below:

  • It says it expects to spend about $520M during 2016; in the six months ended June 30, it says it used cash of $117.4M toward building the Gigafactory.
  • Tesla also notes that “during the quarter ended June 30, 2016, we reached our funding limit with a banking partner where we received cash for the full price of the vehicles, which could adversely impact our liquidity and cash position.”
  • The company says in the filing that it anticipates adding new partners in coming months. “When market conditions are favorable, we may evaluate alternatives to pursue liquidity options to fund capital intensive initiatives.”

The company also mentioned that the Gigafactory could take longer to complete.

In any regard, one other key takeaway from the filing should be that Tesla looks likely to do another equity raise.