Chinese bank lent Tesla $ 565 million to a factory in Shanghai

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Last updated on December 8th, 2022 at 02:07 pm

The company is the first Tesla Automobile Plant outside the United States.

Tesla, an American electric car manufacturer, has entered into an agreement on a working capital loan of up to 4 billion yuan (about $ 565 million) with a lender from China.

Chinese bank lent Tesla
Chinese bank lent Tesla

The loan, which will be provided by the Industrial and Commercial Bank of China, is intended only for the costs associated with the production of electric vehicles at the Tesla factory in Shanghai. This was stated in a statement on the signing of the contract.

The company is the first Tesla automobile factory outside the United StatesIts commissioning is central to Tesla’s plans to increase sales in the world’s largest automotive market. By releasing electric cars in China, Tesla eliminates the need to pay increased import duties, as is the case with American-made cars. Tariffs on imports of US-made cars were increased last year during the US-China trade war.
Also Read:   Every four in five electric cars bought in the US are Tesla
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