Tesla announced plans to strengthen its delivery service by issuing its common stocks to buy vehicle-carrying trucks and trailers.
The automaker registered 49,967 shares to Central Valley Auto Transport Inc. for “car-hauling trucks and vehicles,” according to documents filed to the United States Securities and Exchange Commission.
To put into perspective, the total amount of these stocks are worth almost $14 million USD (approximately $18.7 million CAD).
Tesla says the reason behind the transaction is to “increase its vehicle transport capacity, reduce vehicle transportation time, and improve the timeliness of scheduled deliveries.”
The automotive company also announced that it will increase the price of its vehicles by three percent after March 18th to help keep more of its stores open.