The electric auto maker disclosed that it has signed a syndicated loan agreement with local branches of banks including China Construction Bank, Agricultural Bank of China, Industrial and Commercial Bank of China, and Shanghai Pudong Development Bank. Although the exact number can not be released, Tesla said that its sales in China in the first two months of this year have more than doubled from the same period last year.
Tesla has said that the Gigafactory will cost around US$2 billion.
Tesla chief executive Elon Musk was in China in January for the groundbreaking of the factory, where he said he planned to approach local banks for the money to get the plant built and into production.
Settling the US$920 million convertible bond that matured March 1 taxed the company's balance sheet, which had about US$3.7 billion in cash and equivalents at year-end. Guests look at a Tesla Model 3 during a ground-breaking ceremony for a Tesla factory in Shanghai on January 7, 2019.
According to a filing by Tesla, as much as $520M in loans have been committed by Chinese banks.
Retail sales of sedans, sport utility vehicles, multi-purpose vehicles and minivans fell 18.5% to 1.19 million units last month, according to the China Passenger Car Association Friday.
Norway’s trillion-dollar sovereign wealth fund to sell oil stocks
Its investments in integrated firms at the end of 2018 included stakes of 2.45% in Shell, 2.31% in BP, 2.02% in Total, 0.99% in Chevron and 0.94% in ExxonMobil.
Champions of the Continent announced for iOS and Android — Octopath Traveler
The game features a command-based battle system, and you will use swipe controls to command parties of up to eight characters. The game, called Octopath Traveler Tairiku no Hasha , will be free-to-play, single-player, and will have microtransactions.
London HIV Patient Becomes Second Person To Be Cured Of AIDS
When the patient received the donor transplants with this specific genetic mutation it also made him resistant to HIV as well. This gives us another, and perhaps greater reason, to hope for future revolutions in the HIV cure scientific agenda.
China is the largest automotive market in the world, despite a recent slowdown.
Musk is betting on China's growing market for electric cars as Beijing pushes the industry away from fossil fuel vehicles.
Manufacturing locally is expected to help Tesla avoid some of the impact of trade tensions between the United States and China, as well as reduce its production costs.
"He has ignored federal court orders, a settlement with the SEC (Securities and Exchange Commission), and even his company's own corporate policies expressedly requiring that any of his tweets regarding Tesla be pre-screened".
The amendment also doubled the letter of credit subfacility to US$400 million from US$200 million.