Tesla Secures $1.4 Billion Loan From Chinese Banks
Tesla has remarkably secured a bank loan from multiple Chinese banks, in order to help in constructing and running operations of Tesla, in Shanghai.
The loan will be distributed across 5 years, which is to be used for the set up and to finance Tesla’s establishing of it’s China based operations.
Tesla announced plans to construct its Shanghai gigafactory in July 2018, after which it opened pre-orders of its model 3 vehicle in the country.
The automaker is expected to be able to offer Model 3 cars built in China at a lower price than the imported models. The factory will focus on supplying model 3 vehicles specifically for the Chinese market.
Tesla now has four gigafactorys either operating, under construction, or under development, including one in Reno, Nevada.
Another one in Buffalo, New York, one on the outside of Berlin and the aforementioned one in Shanghai.
Elon Musk, founder and CEO of Tesla, has teased a potential 5th gigafactory location reveal. However the company hasn’t provided any specifics thus far.