Tesla will receive a new $1.4 billion loan from Chinese banks for its Shanghai factory
Tesla and a group of Chinese banks have agreed a new 10 billion yuan , five-year loan facility for the automaker's Shanghai car plant, three sources familiar with the matter said, part of which will be used to roll over an existing loan.
The Chinese banks earlier this year already offered Tesla a 12-month facility of up to 3.5 billion yuan, which is due to be repaid on March 4, 2020, according to a filing the automaker made to the US Securities and Exchange Commission. The new loan's interest rate will be pegged at 90% of China's one-year benchmark interest rate, the same as the 3.5 billion yuan loan, the first source said. This is a rate that Chinese banks offer to their best clients.Tesla broke ground on the factory in January and has started producing vehicles from its Shanghai plant. It aims to build at least 1,000 Model 3 cars a week by the end of this year.
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