According to Fortune, the filing indicated that in early July – not long after Tesla revealed its bid for SolarCity – the solar company started to notice that some of its lenders seemed to be “delaying funding” for some of its projects and other financing needs.
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Richard Hennessy is the instagram user that posted the photo of what could be the Tesla Model 3 interior as he spotted it being driven around the American Company’s factory in Fremont California.
Aside from the whole Autopilot situation, Tesla Motors wants to raise additional cash this year, so that it could fund the development of the Model 3 Sedan, and complete the construction of the Gigafactory.
In a filing with the Securities and Exchange Commission, Tesla stated that bondholders are seeking payments on $422 million in convertible notes that are due in 2018.
Tesla plans to raise additional funds later this year and offer an updated version of its Autopilot system that has been the center of controversy for the California-based electric vehicle manufacturer. Back in May, the company sold millions of shares and managed to raise about $1.5 billion.
The rapid cash burn is not only weakening Tesla’s liquidity position, which was $3.25 billion at the end of the June quarter, but also prolonging its road to profitability.
Tesla announced the merger of SolarCity in June and on August 1 proposed terms for the takeover; with owners of SolarCity shares to receive 0.11 shares of Tesla stock for every share of SolarCity stock they own. Over the same one-year period, SolarCity lost $94.9 million on $537.7 million in revenue.
Another eye-catching thing about the photo is the presence of steering wheel, there has been much speculation that the Tesla Model 3 would take out the steering wheel as the Model 3 is said to be self-driving.
Musk’s proposal to combine the two companies is controversial, to say the least.
But some of the cash could be used to bolster the post-merger company.
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Tesla also indicated spending a portion of the funds to buy equipment that will be used to produce battery cells at its Gigafactory, now under construction in Reno, Nevada. The applications for these battery systems include backup power peak demand reduction demand response and wholesale electric market services.
