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Tesla Secures $521 Million for Factory in China
Tesla Inc. says it has reached a deal with Chinese lenders for a $521 million line of credit for the electric car and battery factory it is building in Shanghai.
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Tesla Inc. says it has reached a deal with Chinese lenders for a 3.5 billion-yuan ($521 million) line of credit for the electric car and battery factory it is building in Shanghai.
Tesla broke ground on the $2 billion complex in January. The company expects the lending agreement will be finalized in May.
The new 12-month line of credit amends an existing asset-backed lending deal with a group of banks, Reuters reports. It says the new arrangement expands Tesla’s available revolving credit line by $500 million to $2.4 billion. The news service notes that Tesla borrowed $431 million last year under the earlier agreement.
The company began importing Model 3 electric sedans from China last month. Tesla hopes to launch limited local assembly in Shanghai, which would avoid import tariffs, by the end of this year.
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