Tesla postpones details on Autopilot update

SolarCity Corporation Stock A Downward Trend Shows Investors Are No More Interested

Tesla's version 8.0 software is now under final review, according to Elon Musk, so there still might be changes before it starts being deployed to cars. The additional funding, among other things, is also expected to back the company's proposed merger with solar panel provider SolarCity Corporation.

Tesla reveled on Wednesday in its SEC filing that it needs more funding to keep the development of its cheap Model 3 electric auto on track.

On Thursday, shares of Tesla declined as much as 5.4%, falling to a session low of $200.51 on more than twice its normal trading volume.

Meanwhile, the company filed a S-4 statement on Wednesday, which had some interesting information. But the vast majority of those bonds were purchased by Musk and his cousins: SolarCity CEO Lyndon Rive and Peter Rive, the company's technology boss.

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The update will be pushed out over-the-air as all its auto updates are rolled out, in a way similar to smartphone or tablet updates, making it a much easier way to ensure all Tesla cars are as safe as each other, rather than relying on the owner to head to a garage to get their vehicle's computer updated. The company disclosed the plan in its Securities and Exchange Commission (SEC) filing on Wednesday. It also included plans to co-market solar panels from SolarCity. CEO Lyndon Rive and Elon Musk recently bought $100 million of a $124 million bond offering at the highest rates SolarCity has ever sold solar bonds for. The filing doesn't specify if the conversation was before or after Musk's February 12 purchase of nearly 570,000 shares of SolarCity for an average price of about $US17.56 apiece, which brought his holdings to about 21.8 million shares.

Even Tesla wasn't interested in buying the company at first, as apparently it had held a special board meeting at the end of February. On May 31, the Tesla board changed course and made a decision to pursue the merger. The goal of the additional capital, among other things, is to support its proposed merger with home-solar company SolarCity Corp.

In the same meeting, the board told management to use law firm Wachtell, Lipton, Rosen & Katz as special outside counsel for legal analysis relating to a potential transaction. It also asked to hire Wachtell Lipton as legal advisor and Evercore as financial adviser to assess the transaction.