Tesla Motors has filed to offer 2.1m shares to raise over US$500. The company said the proceeds will be used to expand the company’s retail operations, charging network and energy storage business as well as to develop the gigafactory (batteries) and the future Model 3 car.
News of the share offering follows Tesla’s large quarterly loss.
Although Tesla’s revenue for the second quarter ended 30 June 2015 was up 24.13% to US$954.98m, the company continued to book operating and net losses in both the quarter and the first half.
Quarterly loss from operations widened to $170.19m compared with $28.75m, last year. Loss before income taxes was $181.06m compared with $60.75m. Net loss was $184.23m compared with $61.90m a year ago.
First half revenue was up 36.33% to $1.89bn compared with $1.39bn. Operations loss was $272.63m versus $72.72m. Loss before income taxes widened to $332.20m from $109.74m. Net loss was $338.41m compared with $111.70m.