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Tesla is seeking to raise new capital from the sale of new shares and debt worth up to $2.5 billion. In a filing to the Securities and Exchange Committee (SEC), Tesla also indicated that its CEO, Elon Musk, may buy new stock for $10 million.

The move would free up new funds for its ambitious expansion plans.

In the SEC filing Tesla explains more about these plans: ‘In order to facilitate our continued growth, we are undertaking various initiatives. These include plans to develop Model Y and Tesla Semi, expand our Supercharger and vehicle service and repair networks, and invest in our manufacturing facilities, including Tesla Factory and our Gigafactories in Nevada, New York and Shanghai.’

Shares in the EV company rose on the news of the capital raising plans. The move follows weaker than expected delivery figures for the first quarter of this year.

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