Tesla CEO Elon Musk said today the forthcoming Model Y electric crossover vehicle will be built on a similar architecture to the recently released Model 3, in an effort to bring the car to market sooner.
The company said this month that 518,000 customers have put down $1,000 deposits for the car since March 2016.
The door-to-door sales which helped build SolarCity to the nation's largest distributed solar company is now gone, replaced by sales through Tesla's retail outlets and online business.
Selling debt will buoy Tesla's financials amid the Model 3's launch, the company said in a press release, noting that it "intends to use the net proceeds from this offering to further strengthen its balance sheet during this period of rapid scaling with the launch of Model 3". The company delivered the first 30 Model 3s to employees two weeks ago.
Such changes point to SolarCity's new role as only one star in the constellation of Elon Musk's clean energy and transportation businesses under Tesla.
The news came at the same time as five members of the Italian Tesla owners club claimed to have travelled a record distance of 670 miles on a single charge of the Telsa Model S.
The Model 3, marketed as a vehicle for the masses, starts at $35,000 prior to incentives, however a longer-range version is going to cost $44,000, to take on high volume luxury sedans such as the Audi A4, BMW 3-series or Mercedes C-Class. The notes will be due in 2025.
When Musk was asked last week if he would like to raise more cash as a buffer, he said the company was considering a debt offering but not an offering of stocks.
Tesla shares fell 0.5 percent to close at $355.17.
Previously, the cheapest Model X was the 75D, with a 75 kWh battery and all-wheel drive.