May 2, 2019 - Energy & Environment

Tesla plans $2 billion capital raise

Illustration: Sarah Grillo/Axios

Tesla announced plans today to raise roughly $2 billion as it prepares new product launches and grapples with disappointing earnings. The company's stock was up 5% in pre-market trading.

The big picture: "Tesla intends to use the net proceeds from the offerings to further strengthen its balance sheet, as well as for general corporate purposes," the company said in announcing the offering of stock and debt.

Why it matters: It comes a week after the Silicon Valley electric automaker announced a $702 million first-quarter loss. The capital-raise includes a $10 million stock purchase from CEO Elon Musk.

It arrives as Tesla seeks to speed up sales and deliveries of its Model 3 sedan, while planning to begin deliveries of the Model Y crossover in the fall of 2020. The company is also developing an electric semi-truck.

Go deeper: Tesla's profitability winning streak is over

Go deeper

Axios

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491 — Map.
U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558 — Map.
Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
Education: Cuomo says all New York schools can reopen for in-person learning.
Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Go deeper (<1 min. read)

Alexi McCammond, Hans Nichols

10 hours ago - Politics & Policy

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

Go deeper (1 min. read)

Caitlin Owens, Jacob Knutson

10 hours ago - Health

Trump considering order on pre-existing condition protections, which already exist

Photo: Jim Watson/AFP via Getty Images

President Trump announced on Friday he will pursue an executive order requiring insurance companies to cover pre-existing conditions, something that is already law.

Why it matters: The Affordable Care Act already requires insurers to cover pre-existing conditions. The Trump administration is currently arguing in a case before the Supreme Court to strike down that very law — including its pre-existing condition protections.