Electric car maker Tesla Motors Inc (NASDAQ:TSLA) has completed its proposed monster fund-raising, generating $1.46bn in funds through a share issue.
The company needs the funds to finance its expansion plans, including the forthcoming release of its Model 3 electric car and a planned increase in production capacity to 500,000 vehicles by 2018.
The Bloomberg news agency reports that chief executive officer Elon Musk will also be selling a pile of shares, taking the issue up to around $2bn, to cover tax obligations on stock options that he plans to exercise.
The shares have been placed at $215 each. The shares rose $2 to $217.21.
Tesla flagged up the share issue earlier this week.