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>> Tesla saying Monday it plans to raise about $1.5 billion in a bond offering to ramp up production of its Model 3 electric sedan. Thousands of advanced reservations have already been made for the Model 3. The automaker is averaging about 1,800 per day since the car's launch in late July.
Tesla is banking on the Model 3, its least pricey car, to become a profitable mass market electric car. Elon Musk says his company will face at least six months of manufacturing hell as it increases production of the car which has a $35,000 base price. At the end of the June quarter, the Palo Alto, California-based company had over 3 billion in cash on hand, compared with 4 billion at the end of the previous quarter.
Tesla's cash burn is expected to top 2 billion this year, prompting short sellers like Greenlight Capital's David Einhorn to bet against it. Shares of Tesla have risen 67% this year.