Tesla takes on $30B in credit as it approaches unprofitability

Tesla is taking on $30 billion in debt as it approaches unprofitability. The company's cash reserves have dwindled due to increased spending on its Full Self-Driving (FSD) technology and Model 3 production. Tesla's cash balance has decreased by 20% in the past six months, from $5.3 billion to $4.2 billion. The company's net income has also decreased by 70%, from $3.7 billion in Q2 2022 to $1.1 billion in Q2 2023. Tesla is expected to report a loss in Q3 2023, which would mark its first quarterly loss in 12 years. The company is taking on the debt to fund its ongoing investments in its manufacturing capacity and the FSD technology.