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According to foreign media, Tesla founder Elon Musk held an "extensive investor conference call" at Citigroup and Goldman Sachs to talk about Tesla's autopilot strategy and elaborate more on what he and other executives said at the recent "Autonomy Day" event for investors.

Musk confidently told investors on a conference call that autopilot would turn Tesla into a company with a market capitalization of $500 billion. Tesla currently has a market capitalization of about $42 billion. He also said that the value of the existing Tesla will increase due to the enhancement of autopilot through software, and will be worth as much as $250000 within three years.

Elon Musk said autopilot technology was "revolutionary" for Tesla to stimulate interest in the electric carmaker's $2 billion bond and stock offering.

The conference call comes as Tesla is seeking to raise $650 million in new equity and $1.35 billion in convertible bonds. Tesla plans to use the funds for general corporate purposes, according to the documents. On the conference call, Mr Musk said Tesla would be able to fund his business needs through his own cash flow, but the cushion would be wise in the event of an economic recession or weak global car demand.

Tesla delivered only 63000 cars in the first quarter, but said in a letter to shareholders last week that it expected to deliver 90-100000 vehicles in the second quarter. Zakary Zachary Kirkhorn, Tesla's chief financial officer, reiterated that forecast in a conference call on Thursday, people familiar with the matter said.

Tesla's shares rose 4.3 per cent to $244.10, the biggest gain since Feb. 27. The stock has fallen 27% this year.

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