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.

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.

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.

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