Tesla has secured $30 billion in new credit facilities to support planned spending on artificial intelligence, semiconductor manufacturing, solar production and autonomous vehicles. The package comprises a $20 billion three-year delayed-draw term loan, an $8 billion five-year revolver and a $2 billion 364-day revolver, replacing an unused $5 billion credit line. Tesla had drawn nothing when the facilities were signed and said in a regulatory filing that it does not plan to use them in 2026. BNP Paribas analyst James Picariello described the financing as an ample liquidity buffer but said it could be only the beginning of Tesla’s future funding needs. Tesla expects 2026 capital spending to exceed $25 billion, while it held $43.52 billion in cash and short-term investments at the end of the second quarter. BNP’s model assumes Tesla becomes the global robotaxi leader by the second half of 2027 and deploys more than 50,000 Optimus bots by 2028; even under those assumptions, the firm forecasts cash falling to roughly $12 billion in 2028, implying about $29 billion in cumulative cash burn over the next 2.5 years. Picariello estimates Tesla’s Terafab and solar ambitions could add about $40 billion to multiyear capital spending beyond his forecast. BNP cut its third-quarter delivery estimate to 475,000-480,000 vehicles from 498,000, still about 3% above consensus, with Europe the main weakness. The SEC (U.S. Securities and Exchange Commission) also cleared Tesla’s voluntary retail voting program, which could ease approval of a potential SpaceX merger, although no transaction has been announced. BNP Paribas maintains a $268 price target, implying 24% downside from Tesla’s Sept. 29 close.