Tesla Secures Billions In Loans From Chinese Banks

Credit: Wochit Business
Published on December 27, 2019 - Duration: 00:32s

Tesla Secures Billions In Loans From Chinese Banks

A regulatory filing shows that Tesla entered into agreements with Chinese lenders.

According to Reuters, they agreed to a secured term loan facility of up to 9 billion yuan, or $1.29 billion.

Tesla said they also signed agreements for an unsecured revolving loan facility of up to 2.25 billion yuan.

The company said the loans would be used for it Shanghai car plant but may also be used to repay its debt with China.

This factory would be the first one for Tesla outside the U.S.

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