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.
Apple's iPhone-powered AR glasses reportedly set to launch in 2020
In its walk-up to an AR headset, Apple has been offering opportunities for developers to build AR apps through its ARKit platform. It also discussed a completely new platform that would run on the headset called rOS (reality operating system).
Election code in force, project announcements, postings on hold
Lok Sabha elections will be held in seven phases with polling in the first phase on 11 April and the last phase on 19 May. However, there is no clarity yet on whether elections in Jammu and Kashmir will be held along with the General election.
Aston Villa's Grealish attacked by fan
Grealish stayed on the pitch to score the winning goal. " Again, we apologise to Jack and all at Aston Villa Football Club ". Grealish had the last laugh, firing home a 67th-minute victor for Aston Villa in a ferocious derby contest.
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.