Tesla secures $30B in new credit line to scale CyberCab, Optimus

[ad_1]

Tesla has secured $30 billion in new credit lines that could help it scale new products it’s currently working on: the CyberCab Robotaxi, the Optimus robot and the Tesla Semi.

The company announced Tuesday that Citibank has agreed to a $20 billion three-year deferred-draw term loan facility. Wells Fargo also signed an $8 billion five-year revolving credit facility and a $2 billion revolving credit facility with a term of 364 days.

Tesla said in a regulatory filing that it does not plan to take on these debt facilities this year. The company already estimates it will spend at least $25 billion in capital expenditures through 2026. Tesla ended the second quarter of this year with nearly $9 billion in debt and a pile of cash (and investments) north of $40 billion.

All three new products require new production lines. For the Semi and Optimus robots, the company has taken the approach of building new dedicated factories.

[ad_2]

Source link

Leave a Comment