Tesla inks deal with Chinese banks for Shanghai factory

11 March, 2019, 10:38 | Author: Mary Valdez
  • Elon Musk is betting on China's growing market for electric cars as Beijing moves away from fossil fuel vehicles. — AP  File

The credit agreement is secured by part of the automaker's accounts receivable, inventory and equipment.

Tesla shares rose more than two per cent in after-hours NY trading.

Tesla chief executive Elon Musk was in China in January for the groundbreaking of the factory, where he said he planned to approach local banks for the money to get the plant built and into production. Tesla borrowed $431.0 million under the agreement in previous year.

Tesla's China borrowing follows its biggest ever debt payment recently.

In a 2018 tweet, Musk had talked about having secured a funding for a plan to make Tesla private, and then in February 2019 he had tweeted about Tesla possibly producing half a million vehicles this year alone, both of which proved to be "misstatements" when Tesla remained public and also fell short of producing the estimated count.

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The yuan-denominated loans accrue interest at a rate equal to 90%of the one-year rate published by the People's Bank of China.

Manufacturing locally is expected to help Tesla avoid some of the impact of trade tensions between the USA and China, as well as reduce its production costs.

Tesla hasn't announced a new Model S. The photo was published online by a vehicle designer based in Istanbul a year ago.

Battery-powered autos have been a rare bright spot amid the broader market's slowdown. The change in plans represent a large change in direction for the company which had just started production of its first vehicle, the ES8 SUV previous year. -China trade war, which has forced Tesla to modify prices of its USA -made cars in China.

The pact also permits the company to obtain up to US$200 million in additional commitments, and extend the term of most of the total commitments to 2023.

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