Tesla Secures $1.6 Billion Loan for Shanghai Gigafactory

Dec. 28, 2019

In a disclosure filed with the US Securities and Exchange Commission (SEC) on Thursday, Tesla revealed that it secured $1.6 billion in financing from a consortium of Chinese banks to finance its business in the country. While some of the money will be invested to constructing the Gigafactory 3 in Shanghai, the rest will go towards the repayment of an earlier loan. The lenders include China Construction Bank, Agricultural Bank of China, Shanghai Pudong Development Bank and Industrial and Commercial Bank of China, the company said.

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