Model 3 (Tesla)

With $3 billion in cash in the bank, Tesla said today that it will add to its warchest by selling $1.5 billion in junk bonds to finance its planned surge in production of the mainstream electric Model 3. The rating agencies left their view of the company unchanged, and Tesla shares were steady on the news.

The news is not a surprise — CEO Elon Musk signaled in an earnings call with analysts on Aug. 2 that he might sell bonds to raise cash, and analysts had encouraged him to do so while Tesla's image among investors is strong. Musk unveiled the Model 3 to substantial fanfare on July 28, with 455,000 pre-orders and plans to ramp up to annual production of 500,000 vehicles by the end of next year, and to 1 million by 2020.

Why it matters: The added cash will make Musk's enormously ambitious Model 3 scaleup — not just production of the cars themselves, but a buildup of his Nevada battery "Gigafactory" — more realistic.

One level deeper: The Model 3 is seen as a bellwether of a possible new age of electric cars. Should sales continue at the same clip as the pre-orders — at 500,000 vehicles a year or more — the vehicle could trigger a frenzy among rival carmakers, which are already worried that Musk may capture the lion's share of a new car market.

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Bryan Walsh, author of Future
45 mins ago - Health

Rockefeller Foundation commits $1 billion for COVID-19 recovery

A health worker performs a COVID-19 test in New Delhi. Photo: Raj K Raj/Hindustan Times via Getty Images

The Rockefeller Foundation announced on Monday that it will allocate $1 billion over the next three years to address the pandemic and its aftermath.

Why it matters: The mishandled pandemic and the effects of climate change threaten to reverse global progress and push more than 100 million people into poverty around the world. Governments and big NGOs need to ensure that the COVID-19 recovery reaches everyone who needs it.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure

Fox News president and several hosts advised to quarantine in COVID-19 precaution

A political display is posted on the outside of the Fox News headquarters on 6th Avenue in New York City in July. Photo: Timothy A. Clary/AFP via Getty Images

Fox News President Jay Wallace and anchors Bret Baier and Martha MacCallum are among those recommended to get tested and quarantine after possible exposure to COVID-19, the New York Times first reported Sunday night.

The big picture: The Fox News contingent, which also included "The Five" show hosts Juan Williams and Dana Perino, were on a charter flight from Nashville to New York following Thursday's presidential debate with a person who later tested positive for the coronavirus.

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