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Tesla Needs More Money to Keep Model 3 Sedan On Track

The company says it needs to raise additional funding to keep development of its Model 3 sedan and its battery gigafactory on target

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    Tesla CEO Elon Musk

    Automaker Tesla will need to raise additional capital in order to continue as planned with development of its new Model 3 sedan and its giant battery “gigafactory” in Reno, the company said Wednesday. 

    The company has posted operating losses in the last 14 straight quarters, and it’s reported negative cash flow since early 2014, Reuters reported. Tesla’s CEO Elon Musk admitted the company might need a “small equity capital raise” in 2017.

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    Still, Musk was tweeting Wednesday about an upcoming blog post on the recent developments related to Tesla’s self-driving technology.