Tesla will discontinue least expensive Model S

Tesla will discontinue least expensive Model S”

CEO Elon Musk attended the 2017 World Government Summit in Dubai, at which he made Tesla's official launch speech, and now that Tesla has now entered the United Arab Emirates (UAE), the company is taking orders.

Electric vehicle manufacturer Tesla announced on Wednesday that it will raise US$1.15 billion in a series of offerings. We will know within 30 days whether the underwriters decide to exercise their options to purchase, which would net Tesla an additional ~$180M.

Tesla will discontinue its least expensive version of the Model S sedan.

The company sold 1.3 million common shares at $262 per share to raise the $350 million. Meanwhile, Tesla started 2017 with $3.4 billion of cash and $900 million of incremental liquidity from financing lines coming from the SolarCity acquisition. In total the company raised about 20% more than it anticipated. And with the introduction of Model 3 on the horizon, the decision to remove the entry-level Model S from Tesla's range is likely a deliberate move to widen the gap even more between the brand's entry-level vehicle and its more premium offering.

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The Palo Alto, Calif. -based manufacturer sold stock at $262 per share, totaling almost $350 million in proceeds, and issued convertible notes worth $850 million, according to a document filed Friday with the Securities and Exchange Commission. The company said in its shareholder letter in February that it expects "to invest between $2 billion and $2.5 billion in capital expenditures ahead of the start of Model 3 production".

Tesla shares opened at $264 Friday morning before dropping 0.7% and then rebounding.

While Tesla hasn't issued any updated figures as of late, it's widely believed that the total number of Model 3 reservations now falls somewhere in the 390,00-400,000 range. Musk reportedly said that advanced analytical techniques are allowing the company to skip the usual beta phase.

It may be reassuring to see Tesla working on new plans to maximize its delivery and production, so that the Model 3 can reach consumers timely. He promised the Model 3 will have higher initial quality than either the Model S or Model X because of those analytical tools.

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