Tesla lines up US$30 billion to borrow with AI, robotics investments to rise

[NEW YORK] Tesla has lined up US$30 billion of new loans and credit lines, as the electric vehicle maker dials up investments in artificial intelligence and robotics.

The company said it has entered three credit agreements, including a US$20 billion term loan that it can draw on later, an US$8 billion line of credit for five years, and a US$2 billion line of credit for one year.

The company does not currently plan to draw on any of the facilities in 2026, it said in a filing.

The facilities replace a previous US$5 billion line of credit that was set to mature in January 2028.

Citigroup is administrative agent for the new delayed-draw term loan, and Wells Fargo is administrative agent for the credit lines.

Tesla is significantly increasing capital spending to advance chief executive officer Elon Musk’s push to transform the maker of EVs into a leader in humanoid robots and AI.

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The company plans to spend more than US$25 billion in 2026 to expand its factory operations and its fleet of autonomous Cybercab robotaxis, and plans to spend even more in the future.

“We should be spending on capex as fast as we can – spend as fast as we can without it being too wasteful,” Musk said on the company’s July earnings call. BLOOMBERG