Tesla plans to raise $1.15 billion with stock and convertible debt offerings to boost the production of the Model 3.

The company said it plans to use the funds to strengthen its balance sheet and "reduce any risks associated with the rapid scaling of (our) business due to the launch of Model 3, as well as for general corporate purposes." Tesla said underwriters were granted a 30-day option to buy up an additional 15% of each offering,
and that Tesla Chief Executive Elon Musk would purchase $25 million of the stock.