Tesla Reaches China Bank-Loan Agreement for Gigafactory

A Tesla

According to a regulatory filing, Tesla secured the funds from four Chinese banks - the Industrial and Commercial Bank of China, the Chinese Construction Bank, Agricultural Bank of China and the Shanghai Pudong Development Bank.

Tesla has said that the Gigafactory will cost around two billion USA dollars. Tesla borrowed US$431 million under the agreement in 2018. For dollar-denominated loans, the rate is 1% more than Libor.

China is the largest automotive market in the world, despite a recent slowdown.

Li Yanwei, an analyst at the China Automobile Dealers Association, said that the lowered price of the imported Model 3 alludes to an even cheaper price when the auto is produced in China.

Retail sales of sedans, sport utility vehicles, multi-purpose vehicles and minivans fell 18.5% to 1.19 million units last month, according to the China Passenger Car Association Friday.

Chinese electric vehicle start-up NIO has abandoned plans to build a manufacturing plant in Shanghai after net losses doubled to $1.4 billion previous year.

Microsoft Releases Windows 10 19H1 Preview Build 18353
If you are currently enrolled in the Windows Insider program, you can now directly clean-install Windows 10 build 18343 . While you are using anti-cheat software in some specific games you might experience a fatal crash.

In January, Tesla in Shanghai and production is expected to begin in the second half of this year.

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

"He has ignored federal court orders, a settlement with the SEC (Securities and Exchange Commission), and even his company's own corporate policies expressedly requiring that any of his tweets regarding Tesla be pre-screened".

However, in the company's financial disclosure last year, it shows that NIO's current agreement with JAC Motors puts itself at a disadvantage as JAC receives a fee from NIO for every vehicle that is manufactured and the EV startup also has to compensate JAC Motors for any losses sustained during the first 3 years of the deal.

Tesla has said the Gigafactory will cost around $2 billion, and could help the company buffer against the ongoing trade war between the United States and China.

Related News:



Most liked

Brexit in peril as Theresa May faces another heavy defeat in Parliament
Mr Rees-Mogg said delaying Brexit for a "few months" would be "tolerable" but only if Britain escaped the EU's rules afterwards. The Labour Party has said it would support a second referendum if other options were exhausted. "These are very serious times.

Sinclair: Backing A Winning Amazon-Led YES Bid
The YES network was valued at US$3.9 billion in 2014 when Fox bought an 80 per cent stake - leaving the Yankees with the rest. The group has the upper-hand in purchasing the rating declining network.

Fitbit Launched Four New Fitness Bands that are Budget-Friendly
The new Versa Lite Edition will cost $159.95, the Inspire will cost $69.95 and the Inspire HR $99.95, the Ace 2 will cost $69.95. The Fitbit Versa Lite is a new smartwatch that looks a lot like the standard Versa, though there are important differences.

Aston Villa’s Jack Grealish attacked by spectator in derby at Birmingham City
The man was led away by stewards and blew kisses at the crowd as Grealish showed restraint and refused to retaliate. West Midlands Police confirmed in a brief statement that the spectator had been arrested and taken into custody.

Status Yellow - Snow-ice warning issued by MET Eireann
A band of heavy rain will also push south-eastwards, and will be followed by some heavy showers during Tuesday and Wednesday . Wintry weather is poised to grip much of Britain, prompting forecasters to issue warnings for snow , ice and wind.

Lok Sabha elections from 11 April, JK to have five phases
Since the last phase of polling will take place only on May 19, there is no scope for announcing even the exit poll results. Elections are also due by May in Jammu and Kashmir, where Governor Satya Pal Malik dissolved the Assembly in November 2018.

Chelsea Manning in custody for refusing to testify over WikiLeaks probe
The judge said Manning would remain in jail until she chose to give testimony or until the grand jury had been disbanded. Assange remains in asylum in Ecuador's London embassy, where he has lived for the past seven years to avoid extradition.

Nintendo Labo goes VR with upcoming kit
As with Cardboard the Labo VR Kit won't have you strapping anything to your face, and you likely won't be playing AAA titles. The Toy-Con Garage feature will be making a return in the VR kit, which could lead to some seriously awesome creations.

Canada sees second straight monthly employment surge with 55,900 net new jobs
More young Canadians, between the ages of 15 and 24 years old, found work last month as youth employment gained 28,600 positions. According to Statistics Canada , Canada's economy added almost 60,000 jobs this February, with the majority being in Ontario.

Champions of the Continent announced for smartphones — Octopath Traveler
More story elements will be added in monthly installments afterward to fully capitalize on mobile monetization techniques. The game will be titled Octopath Traveler: Tairiku no Hasha which translates to Champions of the Continent .

$279M lotto winner's ex-wife doesn't want him or his money
Weirsky's ex, Eileen Murray, told the New York Post that Weirsky did not become any more appealing to her because of his win. He said a friend of his mother's called to say she thought a mutual friend of theirs had hit the jackpot.

Dozens hurt as New York-bound flight suffers severe turbulence
Turkish Airlines Flight One, non-stop service from Istanbul landed at JFK Airport New York at 5.35pm Saturday night. The Port Authority spokesman says other airport operations were not affected.

Former British PM Tony Blair At Akash-Shloka Wedding
We do love the entire look and feel of her ensemble for the night and how she has totally aced her highlighter game. The families will host a Mangal Parv celebration at the same venue tomorrow, and a reception on March 11.

By 2030, 1/3 of United Kingdom energy will come from offshore wind
That is why Labour has set out plans for a seven-fold increase in offshore wind by 2030, creating 120,000 jobs. Companies are burgeoning in clusters, creating new centres of excellence in this clean growth boom.

China optimistic negotiators will agree on mutually beneficial deal with US
It is unclear when or where senior negotiators from both sides will next meet. "We've got to be realistic that this is a one-party authoritarian system".