Baillie Gifford, Tesla’s third-largest shareholder, said it is willing to inject more capital into the electric car manufacturer.
The investment manager, which holds a 7.72 percent stake in Tesla, said it backed CEO Elon Musk’s long-term ambitions for the company, calling him an entrepreneur of “vision and ambition, who’s working towards a social good.”
“If he needs more capital we would be willing to back him,” Nick Thomas, partner at Baillie Gifford, told The Times of London Monday. Baillie Gifford confirmed to CNBC that Thomas had made those comments to the newspaper, but declined to comment further.
Tesla scored its first quarterly profit in two years in the third quarter, the company revealed in its results last week. The automaker posted a $311.5 million net profit and $881 million in free cash flow.
The electric car manufacturer had been struggling with production bottlenecks and burning through cash at a rate of almost $1 billion per quarter.
Source : CNBC
