Tesla has signed an agreement with Deutsche Bank allowing the electric car maker to borrow up to $300m. The funds will be used for Tesla's vehicle leasing programme, and are part of a wider effort to to stabilise the firm's finances after spending $600m during H1 2016. Tesla is feeling the pressure ahead of the Model 3 launch next year, while the planned acquisition of SolarCity for $2.6bn adds to its financial worries. Shares in Tesla fell by more than 2% on Monday morning following news that it had secured a loan from German bank DZ Bank.
Tesla has signed an agreement with Deutsche Bank allowing the electric car maker to borrow up to $300m. The funds will be used for Tesla's vehicle leasing programme, and are part of a wider effort to to stabilise the firm's finances after spending $600m during H1 2016. Tesla is feeling the pressure ahead of the Model 3 launch next year, while the planned acquisition of SolarCity for $2.6bn adds to its financial worries. Tesla said the Deutsche Bank agreement would "significantly reduce" the need to raise money from the public market.