said it planned to raise up to $5 billion through stock offerings from time to time as the electric-vehicle maker, which has enjoyed a surging share price, makes another investment push.
The return to capital markets comes after the stock split 5-for-1 on Monday, sending it up sharply. The planned fundraising represents roughly 1.1% of Tesla’s $464 billion market capitalization, according to FactSet.
Tesla has enjoyed a strong run despite the pandemic that temporarily shut its lone U.S. car plant in Fremont, Calif., as local authorities battled the spread of the Covid-19 disease. In July, the company posted a fourth-consecutive profitable quarter for the first time in its 17-year history, defying Wall Street analysts who expected a loss. But reaching that point hasn’t been easy. In its quest to become the first mass producer of electric cars, Tesla burned cash to raise production and overcome logistical