Tesla plans to raise $1.5 billion for Model 3 production

Tesla, the California-based maker of electric cars, has said it plans to raise $1.5bn in order to fund the production of its latest EV.

The Model 3 is scheduled to be available in November 2018. Over 500,000 orders have already been placed, according to the company.

The standard version (£26,650) has a reported 220-mile range, 0-60mph in 5.6 seconds and a top speed of 130mph. The Long Range version (£33,500) a reported 310-mile range, 0-60mp in 5.1 seconds and 140mph top speed. Both models will be available from launch.

The Financial Times reported that this latest action is the first time that Tesla has turned to the markets in relation to an issue of straight debt.