Tesla CEO Elon Musk says the company won't raise capital: 'We're spending money as quickly as we can spend it sensibly.'
On an earnings call to discuss the Q4 report, retail and institutional investors asked CEO Elon Musk if it may not be a perfect time to raise more capital. They suggested Tesla could raise easily at favorable rates now, either to pay down its debts, or to accelerate the company's progress on new products and factories.
Musk has a lot of big expenses ahead. Tesla has promised to build and start vehicle production at a factory near Berlin by the end of 2021. It is still building out its factory in Shanghai, and supply chains in China. And it has promised customers and investors "feature-complete" self-driving technology and a new Plaid powertrain this year, while mproved battery tech, an all-electric Semi truck, a next-generation Roadster and Cybertruck are also on the horizon.
Musk responded, "We don't comment on those detailed numbers. The demand is far more than we can reasonably make in the span of 3-4 years." Instead, he said, Tesla will be focusing on increasing battery production capacity and lowering the cost of battery production.
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