Elon Musk-led electric car manufacturer Tesla has indicated that it may raise ₹14,000 crores ($2 billion). The round will consist of ₹4,550 crores ($650 million) in equity and ₹9,450 crores ($1.35 billion) in convertible bonds.
Tesla’s stock crashed 10% since it announced the first quarter cash burn of ₹6,433 ($919 million) last week. However, the latest fundraising announcement led the stock witnessed a 4.31% upsurge – the biggest gain on the Entrepreneur Index. However, the overall stock price is down by 26.7 percent this year.
Founded in July 2003 by Martin Eberhard and Marc Tarpenning, the company was joined in by Elon Musk during its Series A funding round. The company initially aimed at offering electric cars at prices affordable to the average consumer. However, the vision slowly changed the firm to a technology company working towards smart and AI-based smart electric cars.
After 10 years since its launch, Tesla ranked as the world’s best selling plug-in passenger car manufacturer in 2018. The firm captured 12 percent of the plug-in segment sales. The sales jumped by 280% from 48,000 in 2017 to 1,82,400 in 2018 and globally were up by 138% from 2017.
The global sales since 2012 amounted to over 5,32,000 units at the end of 2018 out of which 2,45,000 were delivered to the customers. As of October 2018, Tesla sold 20% of all the electric cars in the world. In July 2017, the electric car maker claimed that their vehicles traveled more than 8 billion kilometers.
In 2016, Tesla sold 74,243 units of vehicles while BYD Auto topped the charts with 1,01,183 units sold. However, revenues display a completely different scenario. Tesla’s 2016 revenue amounted to ₹44,450 crores ($6.5 billion) while BYD Auto stood at ₹27,160 crores ($3.88 billion). Telsa also sold ₹7,000 crores ($1 billion) worth of cars in China, the world’s largest market for electric vehicles.