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Tesla: wants to sell up to 5 billion dollars of its shares

( - Californian electric vehicle maker Tesla seems to be determined to capitalize on the recent rally in its stock by selling up to 5 billion dollars in shares.

The Palo Alto based company said on Tuesday that it has entered into an equity distribution agreement with Goldman Sachs, BofA, Barclays, Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, SG, Wells Fargo and BNP Paribas to sell common stock for a total price of up to 5 billion dollars.

In a regulatory filing, Tesla said it intends to use the net proceeds from the offering to further strengthen its balance sheet, as well as for general corporate purposes.

The move comes as the company plans to introduce electric vehicles to address a wide range of consumer and commercial vehicle markets, including the Cybertruck, Tesla Semi and a new Tesla Roadster.

Tesla shares jumped by over 12% on Monday after a 5:1 stock split aimed at making it easier for individual investors and staff to buy into the shares. They have increased six-fold year to date.

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