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Tesla raises borrowing capacity under warehouse agreements to $1.1 bln

Oct 20 (Reuters) - Tesla Inc said on Friday it has increased its borrowing capacity, related to an agreement, to $1.1 billion as the electric car maker spends heavily to fix production bottlenecks of its new Model 3 sedan.

The company has increased the borrowing capacity to $1.1 billion from $600 million, under certain warehouse agreements, the company said in a filing. (http://bit.ly/2yx2P58)

In August, Tesla said it would raise about $1.5 billion through its first-ever offering of junk bonds as it seeks fresh sources of cash to ramp up production of its new Model 3 sedan. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Shounak Dasgupta)