(Gives details on how company will use borrowing)
Oct 20 (Reuters) - Tesla Inc said on Friday it has
increased its borrowing capacity for a car lease program to $1.1
billion from $600 million.
The move comes as the electric car maker spends heavily to
fix production bottlenecks of its new Model 3 sedan.
The company increased the borrowing capacity under certain
warehouse agreements, the company said in a filing. (http://bit.ly/2yx2P58)
A spokesman said it was related to Tesla's car lease program.
In August, Tesla said it would raise about $1.5 billion
through its first-ever offering of junk bonds as it seeks fresh
sources of cash to ramp up production of its new Model 3 sedan.
(Reporting by Laharee Chatterjee in Bengaluru; additional
reporting by Peter Henderson; Editing by Shounak Dasgupta and
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