Musk insists Tesla does not need more capital, predicts profit soon

By Sonam Rai and David Shepardson(Reuters) - Tesla Inc will be profitable in the third and fourth quarters of this year and will not have to raise any money from investors, billionaire Chief Executive Elon Musk said on Friday, driving shares in the electric carmaker higher.

Tesla has already sought this month to play down widespread Wall Street speculation that it would need to return to capital markets this year to raise more funds for the money-losing company as it ramps up production of the Model 3 sedan seen as crucial to its long-term.

This article is no longer available in our repository.

There could be multiple reasons for this.