Tesla secures $1.29 billion loan from Chinese banks for Shanghai factory

FILE PHOTO: A China-made Tesla Model 3 electric vehicle is seen ahead of the Guangzhou auto show in Guangzhou, Guangdong province, China November 21, 2019. REUTERS/Yilei Sun/File Photo

(Reuters) – Tesla Inc entered into agreements with lenders in China for a secured term loan facility of up to 9 billion yuan ($1.29 billion), according to a regulatory filing on Thursday.

The electric car maker said it has also signed agreements for an unsecured revolving loan facility of up to 2.25 billion yuan, adding that both the loans will be used for its Shanghai car plant. (bit.ly/2tU35dI)

Reuters reported earlier this week that Tesla and a group of China banks had agreed to a new 10 billion yuan, five-year loan facility for the automaker’s Shanghai car plant, citing sources familiar with the matter.

Reporting by Ayanti Bera in Bengaluru; Editing by Shounak Dasgupta

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source: reuters.com