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Elon Musk reopens door to Tesla capital raise after cash setback

Model 3 maker finished quarter with just $2.2 billion on hand

Elon Musk
Elon Musk. Photo: Wikimedia Commons

Elon Musk’s declarations that Tesla Inc. was done losing money and needing to raise more cash turned out to be premature. The chief executive officer is reopening the door to seeking capital for the maker of the electric Model 3 sedan after posting a bigger-than-expected loss for the first quarter. A record drop in deliveries, combined with the company’s largest-ever debt payment, depleted cash to the lowest level in three years. Tesla fell as much as 3.2 percent shortly after the open of regular trading to $250.50, the lowest intraday since Oct. 11. The shares ...