Tesla Announces $1.15 Billion Capital Raise, Musk Buys Shares

16 March, 2017, 00:21 | Author: Alicia Barber
  • Tesla Model 3 prototype spotted on the streets for first time (video)

Tesla is about to unfold Tesla Model Y, a new compact electric-powered SUV built on the same platform as Model 3.

So far, Tesla is concentrating on the Model 3 to go into production.

According to the report, the Tesla Model Y will be revealed to the public in 2018.

Tesla stated in a February shareholders letter that creating Tesla Model 3 prototypes has just begun.

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Tesla's upcoming model can turn into the number one crossover seller too.

Automobile enthusiasts recently spotted the recent prototype for the Tesla Model 3 in a new teaser video. Both Model 3 and Model Y are expected to have the feature. Still, that hasn't stopped Tesla enthusiasts from speculating on what a Model 3 crossover might look like. Model Y will be positioned above Model 3, which means it will also be slightly pricier than $37,000.

Tesla Korea, the local distributor of Tesla cars, opened its first showroom in South Korea on Wednesday, offering a chance for local customers to see and experience its advanced electric vehicles. The computer will reportedly be 40 times more powerful than what has been used in previous Tesla Inc vehicles, reports AutoCar. This is the reason that its chances of getting famous will also be much higher than other models of Tesla. CEO Musk will participate by purchasing $25 million of common stock.

The details about Model Y are scarce at the moment. Autocar posits that the cost of the hardware alone should make this system an option that will be priced just south of $10,000 per vehicle: Versions of the auto without this system should also be offered as base models, per Tesla custom. A total of 2 billion dollars has been injected into the franchise since 2010 in order to construct the Giga-factory battery plant and to expand the production all the way to 500,000 units a year by 2019.

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