Tesla CEO Elon Musk’s $20 billion plan for his new company gets some $3 billion in funding
Tesla’s $1.5 billion Series B funding round is now closed.
Musk announced it on Twitter earlier today, announcing a $3.1 billion Series A round of funding.
It’s unclear how much Tesla’s new company will actually be able to grow.
This is good news for Tesla, because Musk’s company is in the midst of launching a number of new products.
The Model 3 is slated to be the first mass-market electric vehicle in 2019, and Musk has previously said that he’d like to build more than 20 million Model 3s a year.
Tesla’s first car, the Model S, sold over 1 million units in just a few months in 2016, and that car had a range of up to 120 miles on a single charge.
Musk also previously said he’d love to build a mass-production car with a range that far.
Musk says that Model 3 will be the “most powerful car ever made.”
The new funding is expected to give Tesla some $2.5bn in cash.
It doesn’t say how much the Series A funding will be used for, but it seems that Tesla will be using the cash to continue building out its factory and ramping up production.
It is also unclear how Tesla plans to use the money.
Tesla has been heavily criticized for its lack of transparency with investors.
In July, Musk told CNBC that Tesla has received just $150 million in cash, with the rest of the money coming from Tesla’s equity and debt.
Musk said in July that he expects to raise $1 billion in cash for Tesla from investors this year, and the company has also said that it expects to make about $1bn in revenue for the year.
Musk is also hoping to get more loans to finance its Model 3 and Model X vehicles.
The new Series A financing comes just months after Tesla was forced to cancel a planned production run of its first cars.
It also comes just weeks after Musk announced that Tesla had begun production of its Model X crossover.
Tesla also announced that it had signed an agreement with General Motors to build its new SUV in Detroit.