The automaker led by Elon Musk is targeting a 100,000-unit production pace by late next year and has an eventual goal to sell at least 500,000 cars annually. Tesla is building the factory to provide cheaper lithium-ion cells for its vehicles and has said the facility may cost as much as $5 billion. In March, it raised about $2.3 billion toward the plant, which is being built near Reno, Nevada.

“With numerous projects laid out (as well as those not currently communicated) ahead for Tesla, we see a possible need for additional capital,” Goldman analyst Patrick Archambault wrote today in a research note.

Archambault, who has a neutral rating on Palo Alto, California-based Tesla’s shares, said the bulk of his estimate for the company’s capital needs would be for 2017 through 2025.

Tesla hasn’t given a forecast for capital spending, Simon Sproule, a spokesman, said in an e-mail.

The stock fell 1.8 percent to $259.16 at 11:18 a.m. in New York after dropping as much as 2.8 percent. The shares had risen 75 percent this year through yesterday.