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Tesla issues $13.8M in stock to buy car-hauling trucks

Tesla issues $13.8M in stock to buy car-hauling trucks

Tesla Inc. issued $13.84 million in common stock to buy trucks and trailers that can haul its cars from factories to customers, according to a March 11 Securities and Exchange Commission filing.

This is "part of Tesla's ongoing logistics strategy to increase its vehicle transport capacity, reduce vehicle transportation time, and improve the timeliness of scheduled deliveries," the California-based automaker said in the filing.

Tesla used 49,967 shares at a maximum price of $277.05 to buy the vehicles from California's Central Valley Auto Transport, according to the filing.

The automaker wrote in its 2018 fourth-quarter earnings report that it has purchased and is continuing to purchase car-hauling trucks for vehicle shipments.

In November 2018, Tesla CEO Elon Musk wrote on Twitter that Tesla had "acquired trucking capacity to ensure" the company's Model 3 cars could be delivered by the end of 2018.