Tesla enters into agreement with Chinese Bank for a Loan of $565Mn

0
130

Tesla Inc.is an American electric vehicle company based in Palo Alto. The company specializes in electric vehicle manufacturing, battery energy storage from home to grid scale and, through its acquisition of SolarCity, solar panel and solar roof tile manufacturing
Recently Electric vehicle-maker Tesla entered into an agreement for a working capital loan of up to 4 billion yuan (i.e. upto $565.51 million) with a lender from China for its Shanghai car plant. The factory of Tesla’s first car manufacturing site outside the United States. Tesla had suspended th production at San Francisco Bay Area plant because of the broader impact of the corona virus pandemic.

Tesla

Basically Tesla Inc has entered into an agreement loan of up to $565.51 million with a lender from China for its Shanghai car plant, according to a regulatory filing on Friday. As the filing said that the loan which will be provided by Industrial and Commercial Bank of China Ltd, will be used only for expenditures related to the production at the Shanghai plant.
Actually the factory is Tesla’s first car manufacturing site outside of the United States and is the centerpiece of its ambitions to boost sales in the world’s biggest auto market and to avoid thehigher import tariffs imposed on U.S.-made cars.
Tesla had suspended production at its San Francisco Bay Area plant due to the bad impact of the corona virus situation, and was told by the local county health department on Friday that it ‘must not reopen’ as local lockdown measures remain in effect.

 

Also read:-Reliance suffers worst profit fall in 11 years on weak fuel demand due to Pandemic

LEAVE A REPLY

Please enter your comment!
Please enter your name here