Tesla Motors Inc. and subsidiaries added about $500 million in borrowing capacity through amended agreements with their lenders, as the electric-car maker enters a year where it will be expanding production and integrating a solar-energy company.
The parent company and a Netherlands subsidiary on Dec. 15 increased a revolver line by $200 million to $1.2 billion through Deutsche Bank AG, with potential to add another $50 million, Tesla said in a regulatory filing Tuesday. Tesla Finance LLC and another finance unit doubled the size of a separate credit facility to $600 million, the filing said.
The automaker led by billionaire Elon Musk is gearing up to produce its first mass-market long-range electric car, the Model 3, by the end of 2017. The company is also expanding production of batteries at its so-called Gigafactory near Reno, Nev.
Last month its shareholders approved the $2 billion purchase of solar-roof installer SolarCity Corp.