Tesla Secures $1.6 Billion Loan for Shanghai Gigafactory | Tech News


in a disclosure filed with the US
Securities and Exchange Commission SEC on Thursday Nestle revealed that it
secured one point six billion dollars in financing from a consortium of Chinese
banks to finance its business in the country while some of the money will be
invested to constructing the gigafactory 3 in Shanghai the rest will go towards
the repayment of an earlier loan the lenders include China Construction Bank
agricultural Bank of China Shanghai Pudong Development Bank and Industrial
and Commercial Bank of China the company said according to the filing on December
18th 2019 Tesla entered into agreements with a syndicate of lenders in China for
a secured term loan facility of up to RMB 9.0 billion and an unsecured
revolving loan facility of up to RMB 2.25 billion in each case to be used in
connection with our gigafactory shanghai on December 20th 2019 proceeds from one
of the new facilities were used to repay in full the subsidiaries drawn amounts
on its existing bridge loan facility of up to RMB 3.5 billion which was
terminated as a result as may be yet to sort out supply issues of its existing
models in the US and around the world but that isn’t stopping it from
announcing new concept models that are still years away from entering
commercial production the company last month unveiled the electric-powered
cyber truck after a deluge of rumors and speculations surrounding it over the
past few months the vehicle is only expected to be available for purchase in
2021 but has apparently already received more than 200,000 pre-orders within just
a zuv it’s launched

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