Tesla Inc. plans to sell $1.5 billion of its senior notes due 2025 to further strengthen its balance sheet "during this period of rapid scaling with the launch of Model 3" and for general corporate purposes. The offering is subject to market and other conditions.

The company has not yet determined the interest rate, redemption prices and other terms of the notes, which will be senior unsecured debt obligations of Tesla, according to an Aug. 7 company statement.