Tesla said on Wednesday it closed its $2.7 billion offering of stock and convertible notes and that it was oversubscribed, giving the electric car maker much-needed cash as it ramps up production.

The electric car maker sold about $860 million in shares and $1.84 billion in debt, after the underwriters exercised their option to buy 15 percent in each offering.

Shares of the company were flat in trading before the bell, at $247.04.