Tesla Inc. (NASDAQ:TSLA) has secured $30 billion in new credit facilities, giving Elon Musk’s company a larger liquidity cushion as it prepares for heavy spending on artificial intelligence, semiconductor manufacturing, solar production and autonomous vehicles.
New Funding Adds A Major Liquidity Cushion
The package includes a $20 billion three-year delayed-draw term loan, an $8 billion five-year revolver and a $2 billion 364-day revolver. The facilities replace an unused $5 billion credit line, and Tesla had drawn nothing at signing. Reuters notes that the company, in a regulatory filing, mentions that it does not plan to use them in 2026.
BNP Paribas analyst James Picariello said in a note that the funding "infuses an ample liquidity buffer," but warned it "could represent the tip of the iceberg" for future funding needs.
Tesla expects 2026 capital spending to exceed $25 billion as it invests in AI initiatives and manufacturing capabilities, including semiconductor, Optimus and solar operations. The company reported $43.52 billion in cash and short-term investments at the end of the second quarter.
BNP’s still-bullish model assumes Tesla becomes the global robotaxi leader by the second half of 2027 and deploys more than 50,000 Optimus bots by 2028. Even under those assumptions, the firm models Tesla’s cash balance falling to roughly $12 billion in 2028, implying about $29 billion in cumulative cash burn over the next 2.5 years.
Terafab And Solar Could Lift Spending
The analyst sees bigger outlays from Musk’s Terafab ambitions. Tesla and Space Exploration Technologies Corp. (NASDAQ:SPCX) are jointly pursuing the semiconductor project to secure future AI-chip supply. Musk said on Tuesday that "SpaceX is aiming together with Tesla to do 200 gigawatts of solar production per year." Picariello estimates those ambitions could add about $40 billion to Tesla’s multiyear capex beyond his forecast.
BNP also trimmed its third-quarter delivery estimate to 475,000-480,000 vehicles from 498,000, still about 3% above consensus. Europe remains the key weakness, while stronger Model Y volumes elsewhere partly offset the shortfall. European EV demand overall remained strong through August, according to European Automobile Manufacturers’ Association (ACEA) data.
Delivery And Voting Risks Stay In Focus
Separately, the SEC cleared Tesla’s voluntary retail voting program, allowing participating shareholders to align standing instructions with board recommendations while retaining the right to override individual votes. Picariello said the change could ease approval of a potential SpaceX merger, though no transaction has been announced.
BNP Paribas maintains a $268 price target, implying a 24% downside from Tesla’s Sept. 29 close.
Price Action: TSLA shares were trading 0.55% higher at $356.76 in pre-market trading on Thursday.
Benzinga Edge rankings indicate Tesla’s stock has a Momentum score in the 13th percentile and a Growth score in the 41st percentile.
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