Tesla Secures $1.6 Billion Loan for Shanghai Gigafactory
In a disclosure filed with the The states Securities and Exchange Committee (SEC) on Th, Tesla revealed that it secured $1.6 billion in financing from a consortium of Chinese banks to finance its business in the land. While some of the coin volition exist invested to constructing the Gigafactory 3 in Shanghai, the rest will go towards the repayment of an earlier loan. The lenders include Prc Construction Banking company, Agricultural Bank of China, Shanghai Pudong Evolution Banking concern and Industrial and Commercial Bank of Red china, the company said.
According to the filing, "On December 18, 2019, (Tesla) entered into agreements with a syndicate of lenders in Prc for: a secured term loan facility of up to RMB 9.0 billion and an unsecured revolving loan facility of upwards to RMB two.25 billion, in each example to exist used in connection with our Gigafactory Shanghai. On December 20, 2019, proceeds from one of the new facilities were used to repay in full the subsidiary's drawn amounts on its existing bridge loan facility of upwards to RMB 3.5 billion, which was terminated as a upshot of the full repayment".
Tesla may be yet to sort out supply bug of its existing models in the US and around the world, but that isn't stopping it from announcing new concept models that are even so years away from entering commercial production. The company terminal calendar month unveiled the electrical-powered 'Cybertruck' subsequently a deluge of rumors and speculations surrounding it over the by few months. The vehicle is just expected to be bachelor for purchase in 2021, but has evidently already received more than than 200,000 pre-orders within just days of its launch.
Source: https://beebom.com/tesla-secures-1-6-billion-loan-for-shanghai-gigafactory/
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