Tesla gets $520 mn funding for first Chinese plant

Tesla enters into agreement with Chinese lenders for Gigafactory

Tesla said on Thursday it signed an agreement with lenders in China for a 12-month facility of up to 3.5 billion yuan (521 million USA dollars) for the electric carmaker's Gigafactory in Shanghai and secured new commitments from banks that could be used for investments in the United States and elsewhere.

The fresh borrowing follows Tesla's largest-ever debt payment last week.

NIO, vying to be China's answer to Tesla Inc, said that deliveries of its ES8 SUV tumbled more than expected last month.

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Proceeds may only be used for construction of an production at Tesla's Gigafactory in Shanghai. As of the end of June, the company had paid JAC RMB 65 million (around $10 million) for losses during the second quarter of 2018, according to Nio's IPO filing. - The Shanghai factory will allow the electric-car manufacturer to dodge the China-US tariff crossfire and can sell directly to the Chinese buyers.

The new plant will eventually have an annual production capacity of 500,000 vehicles, the California-based company has said, dramatically increasing its output.

An average 18 percent decline in retail sales was reported for sedans, sport utility vehicles, multi-purpose vehicles, and minivans in February, according to the data from the China Passenger Car Association.

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But women are seriously underrepresented in the fields of science, technology, engineering, mathematics and design, he said. The Constitution is clear that women possess the same rights as men, and has gender equality as its core aim.


It is more evidence of deteriorating demand in the world's largest auto market, which past year contracted for the first time in two decades as the economy slowed and a trade war weighed on consumer spending.

Mr Musk is betting on China's growing market for electric cars as Beijing pushes the industry away from fossil fuel vehicles.

The new factory would double the size of Tesla's global manufacturing capabilities, Reuters said.

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Musk's Twitter habit has already cost the CEO and Tesla $40 million in fines and forced Musk to give up his role as chairman in a settlement with the Securities and Exchange Commission over the tweets about taking the company private.

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